Gold at record high as virus spike lifts safe-haven demand

Mumbai: Gold prices hit an all-time high on Wednesday, tracking a global rally, as surging coronavirus cases in many countries raised the metal’s safe-haven appeal. 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. In thin trade, dealers were offering a discount of up to $22 an ounce over official domestic prices on Wednesday afternoon, up from the last week’s $18. The domestic price includes a 12.5% import tax and 3% sales tax. Reuters

New Delhi
Factory activity contracts for third month in row

The manufacturing sector activity moved towards stabilisation in June, but business conditions continued to deteriorate amid regional lockdown extensions, a monthly survey said on Wednesday. The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 47.2 in June, up from 30.8 in May. Despite the rise, the Indian manufacturing sector activity contracted for the third straight month in June. PTI

Dehradun
UJVN’s Haridwar units achieve record output

UJVN’s Pathri and Mohammadpur powerhouses in Haridwar achieved highest-ever monthly generation in June. UJVN managing director Sandeep Singhal said the Pathri plant generated 13.727 million units while the Mohammadpur plant generated 5.597 million units in June. TNS