Domestic gold prices extended losses in choppy trade on Friday as global benchmarks faced fourth drop in the month as US bonds weighed heavy on the commodity.
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MCX gold August futures fell 0.2 percent to touch the intraday low of Rs 51,216 per 10 grams. White metal future, however, climbed 1.1 percent to Rs 58,239 per kilogram.
Ravindra Rao, VP-Head Commodity Research at Kotak Securities, said, "Gold was long due a correction after the sell-off from nearly $2000/oz to $1700/oz and that is what we are seeing now however there are still challenges as Fed may not actually slow down until inflation comes under control.”
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Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart, suggests buying gold above Rs 51,500 for a target of Rs 52,000 with a stop loss at Rs 51,220 and silver above Rs 57,750 for the target of Rs 58,700 with a stop loss at Rs 57,100.
Global oil benchmarks surged amid supply concerns as weaker demand worries. Investors await the result of OPEC meeting scheduled next week.
Domestic equity benchmarks BSE Sensex and NSE Nifty50 made a gap-up start on Friday amid gains in global markets. Rupee touched three-week high against the US dollar.
The dollar Index — which gauges strength in the greenback against six peers — fell 0.2 percent to 106.