Gold Price Update on August 5: Yellow metal price hits record high of Rs 55,201 per 10 gram
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On Wednesday, gold prices jumped to record high of Rs 55,201 per 10 gram in morning trade amid rupee depreciation.

According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the rate without GST for gold (purity-999) is Rs 55,201, while for gold with purity-995 is Rs 54,980. Meanwhile, silver prices also rose to 69,225 per kilogram on Wednesday.

Gold prices according to purity levels are as follows:

999 - Rs 55,201/-

995 - Rs 54,980/-

916 - Rs 50,564/-

750 - Rs 41,401/-

585 - Rs 32,293/-

Meanwhile, gold futures on the Multi-Commodity Exchange (MCX) reached a new record level on Wednesday as it neared the Rs 55,000 mark.

The October contract of gold on the MCX touched an all-time high of Rs 54,910 per 10 gram. It is currently trading at Rs 54,848, higher by Rs 297 or 0.54 per cent from its previous close. The surge in domestic gold futures continues amid the global economic uncertainty and in tandem with international prices.

In line with the trend in gold futures, the September contract of silver on the MCX also touched a high of Rs 70,223.00 per kilogram. Currently, it is trading at Rs 70,129 per kg, higher by Rs 332.00 from its previous close. Apart from pickup in investment and industrial demand, the supply concerns for silver have lifted its prices. Peru, the world's second-largest silver producer, saw its mine supply fall by one-third due to the Covid-induced lockdowns.

(Inputs from Agencies)

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