Gurpreet scored 154 in the final, finishing behind winner Joao Costa (201.4 points) of Portugal. Sun Yang (177.3) was third, securing a quota place for China, while Tomoyuki (200.4) Matsuda of Japan won the silver. Another quota place went to fifth placed Daemyung Lee (136) of South Korea.
Ace shooter Jitu Rai surprisingly failed to make the final of the same event.
The positive result for Gurpreet comes a day after the disappointment of missing a quota place in the Men's 25m Rapid Fire Pistol where a fourth place was not enough.
Gagan Narang, Jitu Rai and Apurvi Chandela are the other Indians to have secured an Olympic quota place.
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Narang did so after finishing third in the 50m Rifle Prone Event of the ISSF World Cup at Fort Benning in USA earlier this month.
Chandela had secured the quota place by winning the bronze in the 10m Rifle at World Cup in Korea last month, while pistol ace Rai had won India's first Olympic quota place at the World Championships in Granada, Spain last year, when he won a silver in the 50m Free Pistol event.