Gold Price Update on August 7: Yellow metal price hits record high of Rs 56,254 per 10 gram

Amid the global uncertainty, investment demand and supply concerns, touching fresh record levels has become the new normal for gold and silver prices. On Friday, gold prices jumped to record high of Rs 56,254 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 56,254, while for gold with purity-995 is Rs 56,029. Meanwhile, silver prices also rose to 76,008 per kilogram on Friday.

Gold prices according to purity levels are as follows:

999 - Rs 56,254/-

995 - Rs 56,029/-

916 - Rs 51,529/-

750 - Rs 42,191/-

585 - Rs 32,909/-

Meanwhile, continuing with the bull run, gold futures on Friday touched a new all-time high of Rs 56,191 per 10 gram. Currently, the active October contract of gold on the MCX was trading at Rs 55,950 per 10 gram, higher by Rs 105 or 0.19 per cent from the previous close.

For gold, it has been the global economic uncertainty amid the pandemic which has made investors flock towards the yellow metal, which is traditionally considered a safe haven asset.

Similarly, the futures contracts of silver on MCX surged recorded a new high on Friday as it touched Rs 77,949 per kilogram. The September contract of silver is currently trading at Rs 76,900 per kilogram, higher by Rs 848 or 1.12 per cent from its previous close.

(Inputs from Agencies)

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