Gold Hits Record High, IT Stocks Pull Down Indices

Gold prices on MCX surged to an all-time high at Rs 1,11,000 per 10g and silver futures rose to Rs 1,33,582/kg. However, Indian equity indices ended lower for a second day, especially battered by IT shares after the US announced a massive hike in the H-1B visa fee. Market experts believe that volatile commodities and sectoral shocks will define trading this week. Defensive and consumption stocks could offer some respite to investors seeking stability.