Gold Price Update on August 3: Yellow metal price surge continues, touches Rs 53,952 per 10 gram

Gold prices jumped to record high of Rs 53,952 per 10 gram in morning trade on recovery in international prices.

According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the rate without GST for gold (purity-999) is Rs 53,952, while for gold with purity-995 is Rs 53,736. Meanwhile, silver prices also rose to 64,917 per kilogram on Monday.

Gold prices according to purity levels are as follows:

999 - Rs 53,952/-

995 - Rs 53,736/-

916 - Rs 49,420/-

750 - Rs 40,464/-

585 - Rs 31,562/-

Meanwhile, active October contract on the Multi-Commodity Exchange (MCX) touched a high of Rs 53,670 per 10 gram, while the August contract, which is due to end on Wednesday, touched a high of Rs 54,199 per 10 gram.

The October contract is currently trading at Rs 53,637, higher by Rs 192 or 0.36 per cent from its previous close. Spot gold in the international market touched an all-time high of $1,987.95 per ounce earlier in the day. The safe haven demand for gold refuses to die down as uncertainty over the global economic situation and the ongoing pandemic continues.

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