Domestic gold prices extended gains on Friday amid choppy trade in domestic equities. Global gold benchmarks climbed higher, but were on track for third consecutive weekly loss.
MCX gold October futures climbed 0.4 percent to touch the intraday high of Rs 50,268 per 10 grams. White metal future, rose 1.5 percent to Rs 52,519 per kilogram.
Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart, suggests buying gold on the dips around Rs 49,850 for a target of Rs 50,330 with a stop loss at Rs 49,600.
Indian equity benchmarks oscillated between green and red on Friday amid choppy trade and mixed cues from global markets. The rupee edged lower against the US dollar.
Dollar edged lower, but was not far from two decade high. The dollar index — which gauges the strength in the greenback against six peers — was down 0.2 percent at 109.5 at the last count.
Crude oil prices moved higher on Friday ahead of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) scheduled on September 5. Brent crude futures rose 1.7 percent to almost $94 a barrel and West Texas Intermediate (WTI) futures gained 1.8 percent to $88.2 a barrel.
