Gold, silver prices hit all-time high

Domestic gold and silver futures soared to all-time highs on Wednesday tracking a global rally, with the yellow metal contract climbing above the Rs 50,000 mark for the first time ever.

Multi Commodity Exchange (MCX) gold futures (due for delivery on August 5) rose by Rs 493 or 1 percent to a record Rs 50,020 in the morning.

Silver futures due for a September 4 delivery climbed to a record Rs 60,782, surging 6 percent from their previous close of Rs 57,342.

Sky-high prices have already dampened retail demand for gold in India, the world’s second largest consumer of the precious metal.