Gold prices closed with a decline for the third consecutive day on Friday. This decline was seen due to the global trend. The gold futures price of October 5, 2020, on the MCX exchange, closed at Rs 50,678 per 10 grams with a decline on Friday, the last trading day of the week. Similarly, the gold futures price of December 2020 also closed at Rs 50,905 per 10 grams with a decline in MCX on Friday. Let us now know the difference between gold prices this week.
Gold prices have registered a decline this week. On the first trading day of the week, October futures gold at MCX on Monday, August 31, was open at Rs 51,540 per 10 grams. Thus, this gold has declined by about Rs 862 per 10 grams this week. Similarly, talking about the gold of December futures, the price was open at Rs 51,844 per 10 grams on the first trading day of the week. Thus, this gold has declined by about Rs 939 per 10 grams this week.
Let us now talk about the domestic futures prices of silver. The silver price of December futures closed at Rs 67,266 per kilogram on friday, the last trading day of the week at MCX. The silver price was open at Rs 70,003 per kilogram at MCX on Monday, August 31. It closed at Rs 68,837 per kilogram on Friday 28th August. Thus, the silver has declined by about Rs 1,571 per kilogram this week.
Gold has registered a decline of about 800 rupees in the last three trading days of this week. IT is down by about 10% or 5,500 rupees per ten grams from the 7th August level of Rs 56,200 per ten grams. Silver has broken about Rs 10,000 per kilogram from last month’s high level.
Let us now talk about gold prices internationally. On Friday, the last trading day of the week, gold declined 0.18 percent, or $3.50, to close at $1934.30 an ounce. In addition, gold gained 0.16 percent, or $3.03, to close at $1933.94 per ounce on Friday.
Silver rose 0.61 percent, or 0.16 percent, to $26.71 an ounce on Friday, and silver gained 1.22 percent, or 0.32 percent, to close at $26.91 an ounce.
Gold prices have been under pressure due to the strength of the US dollar and much more good than the US employment data expected. According to the latest data, the unemployment rate in the US has dropped to 8.4 percent. Due to these figures, the US dollar has been stronger than the basket of other currencies. Here, the price of gold has gained more than 25% in global markets this year. This has been due to the rise in safe-haven demand for gold due to signs of a slowdown in the global economy due to easy monetary policies and coronavirus.
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