New Delhi: The Gold went up and silver declined further on Friday in India. On October 5, 2020 gold futures on the MCX exchange closed at Rs 51,715 per 10 grams, a gain of Rs 262 on Friday, the last trading day of the week. Similarly, the gold price of December futures closed at Rs 51,860 per 10 grams, rising by Rs 234 on Friday.
Gold prices have increased this week. October futures gold opened at Rs 51,599 per 10 grams on MCX on Monday, September 14, the first trading day of this week. It had closed at Rs 51,319 per 10 grams in the previous session. The price of gold has increased by Rs 396 per 10 grams this week. Similarly, the gold price of December futures has increased by Rs 366 per 10 grams this week.
The price of silver in the domestic bullion market declined further. The silver price of December futures on MCX closed marginally lower at Rs 67,877 per kg on Friday, the last trading day of this week. The silver price opened at Rs 68,485 per kg on MCX on Monday, September 14, the first trading day of this week. It had closed at Rs 67,928 per kg in the previous session. The price of silver has fallen marginally to Rs 51 per kg this week.
Significantly, on August 6, the gold price of October futures closed at Rs 55,845 per 10 grams. Since then, the price of the gold has come down to Rs 4,130 per 10 grams. Similarly, on silver, on December 10, the silver price of December futures closed at Rs 78,256 per kg. Since then, the price of the silver has gone down by Rs. 10,379 per kg.
The global spot price of gold rose 0.33 percent or $ 6.42 to close at $ 1950.86 an ounce on Friday. The silver prices globally, the spot price of silver was 0.93 percent. The dollar closed at $ 26.78 an ounce.
Gold has strengthened due to declining employment figures in the US and a sharp increase in Coronavirus cases. This is the reason why gold has seen a rapid rise at the end of the week. US currency weakened and gave rise to gold prices. The dollar index was down 0.1 percent against its rivals, making gold more attractive to buyers with other currencies.