Gold Price Update on August 6: Yellow metal price hits record high of Rs 55,764 per 10 gram

On Thursday, gold prices jumped to record high of Rs 55,764 per 10 gram in morning trade on the back of fresh demand and supply constraints.

According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the rate without GST for gold (purity-999) is Rs 55,764, while for gold with purity-995 is Rs 55,541. Meanwhile, silver prices also rose to 73,281 per kilogram on Thursday.

Gold prices according to purity levels are as follows:

999 - Rs 55,764/-

995 - Rs 55,541/-

916 - Rs 51,080/-

750 - Rs 41,823/-

585 - Rs 32,622/-

Meanwhile, futures contracts of silver on the Multi-Commodity Exchange (MCX) rose to record levels on Thursday. The September contract of silver has touched an all-time high of Rs 74,350 per kilogram, breaking the previous record of Rs 73,600. Currently, it's trading at Rs 74,032.00 per kg, higher by Rs 2,139.00 or 2.98 per cent from its previous close.

According to market experts, industrial and investment demand have picked up of late for silver. Further global supply constraints have been a major factor for the recent surge. Peru, the world's second-largest silver producer, saw its mine supply fall by one-third due to the Covid-induced lockdowns. Gold futures also surged to near record levels at Rs 55,540 per 10 gram on the back of the continued uncertainty.

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