Indian gold futures hit a record high on Friday, tracking gains in overseas market, but the price rise dampened demand in the world’s second biggest consumer of the precious metal, dealers said.
Local gold futures rose to 56,245 rupees ($691.45) per 10 grams, surpassing the previous record of 56,191 rupees hit in August 2020.
Fears of recession and rising interest rates led to a fall in stock prices in the developed world. At the same time, the fall of cryptocurrencies prompted investors to move toward safe haven. That spurred the demand for gold.
