Gold Price Update on August 8: Yellow metal price drops marginally to Rs 56,126 per 10 gram

Gold prices today dropped marginally to Rs 56,126 from Rs 56,254 per 10 gram. According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the rate without GST for gold (purity-999) is Rs 56,126, while for gold with purity-995 is Rs 55,901 on July 7. Meanwhile, silver prices also dropped to 75,013 from Rs 76,008 per kilogram.

Gold prices according to purity levels are as follows:

999 - Rs 56,126/-

995 - Rs 55,901/-

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916 - Rs 51,411/-

750 - Rs 42,095/-

585 - Rs 32,834/-

Meanwhile, On the Multi Commodity Exchange, gold contracts for October delivery traded higher by Rs 75, or 0.13 per cent, at Rs 55,920 per 10 gram in a business turnover of 16,468 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Gold prices traded 0.14 per cent higher at USD 2,072.20 per ounce in New York.