What does the rapid rise in gold prices in India mean and how will it impact the stock prices in the near future?

In India and in global markets, gold continued its record-breaking rally. Gold prices in the world spot market touched an 8-year high of $1650/oz. On the MCX, gold scaled a new high of Rs.42,790 per 10 gram. Investment demand for gold also continued to rise with the holdings of the SPDR Gold Trust, the world's largest gold-backed ETF, higher at 934 tonnes. Even the gold pledged with Muthoot Finance and inflows into gold ETFs in India are at a peak. Overall, gold prices are up by over 7% in global markets this year with its safe haven demand being driven by global growth fears linked to the Chinese pandemic. Normally, a rally in gold is not good news for equities as it reflects a risk-off approach to investing.