Gold Rate Today: Gold Futures Moving Closer To Highest Level

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Gold prices are seeing a boom in the futures market on Friday. On the MCX exchange on Friday evening, the futures price of gold was rising by 0.96 per cent or Rs 448 to Rs 46,875 per 10 grams on June 5, 2020. The highest level of this gold is Rs 47,327 per 10 grams. Apart from this, the futures price of gold on August 5, 2020 was trading at Rs 47,007 per 10 grams with a rise of 0.98 per cent or Rs 456 on MCX on Friday evening. The highest level of this gold is Rs 47,491 per 10 grams. Gold and silver spot markets in India remained closed on Friday due to the lockdown.

Silver futures are also seeing gains in the evening. On Friday evening, silver futures on May 5, 2020 on the MCX exchange were up by 0.86 per cent or Rs 359 to trade at Rs 42,165 per kg. Apart from this, on Friday evening, silver futures on MCX was trending at Rs 42,920 per kg with a rise of 0.92 per cent or Rs 391 on July 3, 2020. Talking about the futures price of crude oil on MCX, the crude oil futures price on May 18, 2020 was up by 5.20 per cent or 67 rupees on Friday evening at Rs 1341 per barrel.

Talking about the global market, gold prices were seen rising here on Friday evening. According to Bloomberg, the global spot price of gold was trading up 0.13 per cent, or $ 2.21, at $ 1,732.72 an ounce on Friday evening. In addition, the global futures price of gold was trading at 0.57 per cent or $ 11.80 on Comex on Friday evening at $ 1757.20 an ounce. At the same time, on the spot price of silver on the global level, it was trending at $ 15.29 an ounce by 0.23 percent or $ 0.03 increase on Friday evening.

Gold is traded in two ways. One in the spot market and the other in the futures market. The futures market is also called a commodity exchange. Commodities are sold and purchased digitally in the futures market. In the futures market, deals are made in future prices based on the old and new prices of the commodity. There are deals in this market up to a fixed date. The futures market has a direct impact on the spot market. There is no major difference in commodity prices between the spot market and the futures market.