Gold price in India breaches key psychological level, dampening demand
Gold prices in India rose above the psychologically important 50,000 rupees level for the first time on Wednesday, as expectations of more stimulus to resuscitate pandemic-hit economies lifted the metal`s appeal as an inflation-hedge.
Local gold futures reached an all-time high of 50,085 Indian rupees ($671.61) per 10 grams on Wednesday, taking their gains to 28% in 2020 after rising a quarter in 2019. Photo: PTI