Gold Hits All-Time High, Futures Climb Above Rs. 50,000 For First Time

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 per cent to a record Rs 50,020 in morning. Silver futures due for a September 4 delivery climbed to a record Rs 60,782, surging 6 per cent 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.