Gold futures are seeing a sharp rise on Friday. Along with this, on April 3, 2020 gold futures on MCX exchange was trending at Rs 42,473 per 10 grams with a gain of Rs 88 on Friday morning. Along with this, the gold futures price of June 5, 2020 was up by Rs 103 to Rs 42,701 per 10 grams on Friday morning. Apart from this, silver futures are witnessing a steep fall on Friday. On the MCX exchange, silver futures of May 5, 2020 fell by 0.75 per cent or Rs 348 to trade at Rs 46,310 per kg on Friday morning.
Talking about the futures price of silver on March 5, 2020, it was trading at Rs 45,792 per kg, down 0.84 per cent or Rs 388 on Friday morning. The global spot prices of gold and silver were seen falling at 10.13 am on Friday. According to Bloomberg, gold was currently trading at $ 1,639.32 an ounce, down 0.35 percent or $ 5.69. On the other hand, silver was trading at $ 17.55 an ounce, down 1.29 percent or $ 0.23.
Equity markets are witnessing a sharp decline today on Friday due to the cloud of global economic growth crisis due to the rise in new patients of Coronavirus outside China. Along with this, the Bombay Stock Exchange index Sensex was trending 1100 points on Friday morning and NSE Nifty fell by 330 points. Crude oil prices have fallen to a minimum level of more than a year due to the rapid spread of Coronavirus outside China to South Korea, Italy and Central Asia. The Indian rupee has also opened today with a heavy fall. At the same time, it opened at 71.93 with a fall of 38 paise against a dollar. A significant fall in crude oil and equity markets can see an increase in the spot prices of gold, as gold has become stronger as a safe haven for investors due to fears of sluggishness in the global economy.
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