Gold Price Update on July 27: Yellow metal price hits record high of Rs 52,135 per 10 gram

Gold prices on Monday hit a record high of Rs 52,135 per 10 gram in morning trade on strong 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 52,135, while for gold with purity-995 is Rs 51,926. Meanwhile, silver prices jumped to 63,860 per kilogram on Monday.

Gold prices according to purity levels are as follows:

999 - Rs 52,135/-

995 - Rs 51,926/-

916 - Rs 47,756/-

750 - Rs 39,101/-

585 - Rs 30,499/-

Meanwhile, on the Multi-Commodity Exchange (MCX), August gold contracts were trading higher by 1.4 percent at Rs 51,782 per 10 gram at 0920 hours. September futures for silver were trading 0.05 percent higher at Rs 61,223 per kg, reported Money Control. The global benchmark spot gold prices held near a nine-year peak of USD 1,900 an ounce.

The jewellery industry is expecting the consumer demand for gold to falter further amid surging prices of the precious metal and economic slowdown. Gold prices have been ruling at unprecedented highs in India and global bullion markets as investors are preferring safe haven assets amid economic uncertainty triggered by the COVID-19 pandemic.

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