Domestic gold prices extended losses on Thursday amid fall in domestic equities. Global gold benchmarks slipped to six-week low on strong dollar.
MCX gold October futures fell 0.7 percent to touch the intraday low of Rs 50,051 per 10 grams. White metal future, fell 1.8 percent to a fresh lifetime low of Rs 51,600 per kilogram.
Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart, suggests selling silver below Rs 53,200 for a target of Rs 52,200 with a stop loss at Rs 53,800.
Indian equity benchmarks traded in red on Thursday amid negative cues from global markets. The Indian market remained shut on Wednesday on account of Ganesh Chaturthi.
Crude oil prices fell amid increased supply and concerns about a global economic slowdown. Brent crude futures fell 1.3 percent to $94.4 a barrel and West Texas Intermediate (WTI) futures 0.9 percent to $88.9 a barrel.
The dollar index — which gauges the strength in the greenback against six peers — was up 0.4 percent at 109.1 on the last count. US bond yields rose by about 5-7 bps across the board, with the 10-year yield at 3.2 percent.
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