Gold at record high, silver soars

MUMBAI: Indian spot gold prices have surged to over ₹50,000 per 10 gm for first time ever on Wednesday. Prices of spot gold in the Multi Commodity Exchange of India Ltd (MCX) hit an all-time high of ₹50,015 per 10 gm before closing at ₹50,005 per 10 gm.

In international markets, gold prices hit a nine-year high of $1849.62 per ounce on Wednesday amid uncertainties because of the spread of Covid-19 and the low interest rate environment around the world.

During volatile times, investors rush to the precious metal, often considered a safe haven as gold helps them diversify risks and improve risk-adjusted returns.

On Wednesday, silver prices closed at ₹59,295 per kg for the first time since December 2012.

“Gold has rallied to record high levels, reflecting firmness in the international market. International gold prices have been on the rise for the last few months but have picked up pace amid sharp losses in the US dollar, additional stimulus measures, and robust investor inflows. Rising virus cases and Us-china tensions have also underpinned gold price,” said Ravindra Rao, vice-president and head, commodity research, Kotak Securities.

NEW DELHI: The Supreme Court (SC) has initiated contempt proceedings against lawyer Prashant Bhushan for accusing the judiciary of destroying democracy and keeping courts closed during the lockdown in two of his tweets last month. The court also asked Bhushan to respond by August 5.