Mumbai, July 22: Gold prices in India hit a new high for the second day in a row. The active gold contract on MCX hit a record a high of  Rs 50,020 per 10 gm in morning trade. This is the first time gold prices in India have touched Rs 50,000 in the futures market.The increase is on the back of a rise in demand for precious metal rose amid uncertainty around the global pandemic and the US-China trade war.

Talking about the global rate, spot gold prices rose 1.3 percent to $1,865.81 an ounce, the highest in almost nine years. The silver rates have also increased, the rates for September silver futures on MCX jumped 6.6 percent to Rs 61,130 per kg. Silver had jumped 6 percent or about Rs 3,400 per kg in the previous session. India’s COVID-19 Tally Inches Closer to 12 Lakh-Mark With 37,724 New Cases in Past 24 Hours, Death Toll Rises to 28,732.

The Sensex today is trading flat and opened in the negative echoing mixed cues from the global stock market. The Indian markets rallied in the last five days and ended in the positive despite the rising COVID-19 cases. On Wednesday, according to the Ministry of Health and Family Welfare numbers, the coronavirus cases have inched closer to the 12 lakh mark with Maharashtra continuing to be the worst-hit state.

(The above story first appeared on LatestLY on Jul 22, 2020 12:51 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website