Gold prices in India hit an all-time high on 1st July, tracking a global rally, as surging coronavirus cases in many countries raised the metal’s safe-haven appeal. Local gold futures hit an all-time high of Rs 48,871 per 10 grams in early trade, taking their gains to 25% in 2020 so far. The contract had gained nearly 25% in 2019. However, this dampened the retail demand for gold in India, the world’s second largest consumer of the precious metal.