Gold Price: Gold prices fell about 10 percent in a month, Silver came down by Rs 10,000 from August high

2 min read

iSpeech.org

New Delhi, Business Desk. Gold prices had closed for the third consecutive day on Friday. This decline was seen due to the global trend. Gold futures on October 5, 2020 on the MCX exchange closed at Rs 50,678 per 10 grams on Friday, the last trading day of the week. Similarly, the December 2020 gold futures also fell on the MCX on Friday to close at Rs 50,905 per 10 grams. Let us now know how much the gold price has changed in the past week.

The fall in gold prices has been recorded in the past week. October futures gold opened at Rs 51,540 per 10 grams on MCX on Monday, August 31 on the first trading day of the week. In this way, the gold has fallen by about Rs 862 per 10 grams last week. Similarly, in December futures gold, its price opened at Rs 51,844 per 10 grams on the first trading day of the week. In this way, the gold has fallen by about Rs 939 per 10 grams last week.

Let us now talk about the domestic futures prices of silver. Silver for December futures closed at Rs 67,266 per kg on the last trading day of last week on MCX. The price of this silver opened at Rs 70,003 per kg on MCX on Monday, 31 August. At the same time, it closed at Rs 68,837 per kg on Friday, August 28. Thus, the silver has fallen by about Rs 1,571 per kg last week.

The price of gold has declined by about Rs 800 in the last three trading days of the last week. At the same time, gold is down about 10 per cent or Rs 5,500 per ten gram from the level of Rs 56,200 per ten gram on August 7. At the same time, silver has lost nearly Rs 10,000 per kg from the previous month's high.

Let us now talk about gold prices internationally. On Friday, the last trading day of the previous week, the December futures of gold fell 0.18 per cent, or $ 3.50, to $ 1934.30 an ounce on Comex. Apart from this, the global spot price of gold rose 0.16 percent or $ 3.03 to close at $ 1933.94 an ons on Friday.

On the other hand, on silver, the global prices of December futures fell 0.61 per cent or $ 0.16 to $ 26.71 an ounce on Friday on the COMEX and the global spot price of silver rose by 1.22 per cent or $ 0.32 to $ 26.91. Closed at per ounce.

Gold prices have been under pressure due to the strengthening of the US dollar and many more than expected US employment figures. According to the latest data, the unemployment rate in the US has come down to 8.4 percent. Due to these figures, the US dollar has strengthened against the basket of other currencies. Please tell here that the price of gold has gained more than 25 percent this year in the global markets. This is due to rising demand for gold safe haven due to easy monetary policies and signs of slowdown in the global economy due to corona virus.

Leave a Reply

Your email address will not be published. Required fields are marked *