Continuing the upward trend, gold prices in India inched higher on Thursday as global prices continue to rise. As per latest updates, the active gold contract on MCX hit a record high of Rs 50,328 per 10 gram in the morning trade. However, the price rise dampened retail demand for gold in India, the world's second largest consumer of the precious metal. Overseas, spot gold jumped more than 1% on Wednesday to its highest in nearly nine years, driven by a weaker dollar and safe-haven buying. Although the price rise has been dampening retail demand, investment demand has been improving lately, said a Mumbai-based bank dealer with a bullion importing bank.

Source: dna July 23, 2020 07:16 UTC