Gold prices in India hit new highs for the second day in a row. On MCX, August gold futures rose 1% to a new high of ₹50010 per 10 gram. This is the first time gold prices in India have touched ₹50,000 for the first time in futures market. September silver futures on MCX jumped 6.6% to ₹61,130 per kg. Gold prices had surged 1% or about ₹500 in the previous session. On the other hand, silver had jumped 6% or about ₹3,400 per kg in the previous session, extending its Monday's ₹1,150 gain. In global markets, spot gold prices rose 1.3% to $1,865.81 an ounce, the highest in almost nine years. A softer US dollar, surging coronavirus cases across the world and expectation of more stimulus measures lifted prices of precious metals, including gold and silver. Spot silver prices climbed as much as 7.2% to $22.8366 an ounce, the highest since 2013.