(Juhi Aishwary, Journalist): On Tuesday, the price of silver has seen a tremendous jump in the domestic futures market. With this surge, domestic silver futures prices have reached record levels. On September 9, 14 minutes on the MCX exchange, silver futures of September 4, 2020, we’re trending at a level of Rs 55,423 per kg with a huge jump of Rs 1,418. This is the highest level of this silver ever. Along with silver, the domestic futures of gold have also seen an increase on Tuesday morning.
Gold prices in the domestic futures market have also seen an increase on Tuesday morning. Gold futures on August 5, 2020, on MCX, were trending at Rs 49,100 per 10 grams, rising 0.15 percent or Rs 73 on Tuesday morning. At the same time, the futures price of gold on October 5, 2020, was up by 0.16 percent or 77 rupees on Tuesday morning at Rs 49,235 per 10 grams.
On the international level, on Tuesday morning, gold futures on Comex showed a rise of 0.16 percent or $ 2.90 to trade at $ 1,820.30 an ounce. In addition, the global spot price of gold was trending at $ 1,818.70 an ounce, rising 0.05 percent or $ 0.93 at this time.
The global price of silver has also seen an increase on Tuesday morning. According to Bloomberg, the global futures price of silver was trading at $ 20.70 an ounce on the Comex on Tuesday morning, up 2.44 percent, or $ 0.49. In addition, the global spot price of silver was currently trending at $ 20.27 an ounce, up 1.83 percent, or $ 0.36.
Know what is the futures price?
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. In the futures market, the commodity is sold and purchased digitally. 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 between the price of the commodity in the spot market and the futures market.
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