Gold price today: Yellow metal falls amid losses in global benchmarks

Domestic gold prices extended losses on Thursday as global gold benchmarks slipped with expectations of further interest rate hikes.

MCX gold October futures fell 0.4 percent to touch the intraday low of Rs 52,014 per 10 grams. White metal future, fell 0.9 percent to Rs 58,437 per kilogram.

Ravindra Rao, VP- Head Commodity Research at Kotak Securities, “Gold set fresh highs yesterday but failed to sustain and has now moved back to $1800/oz level which shows waning confidence. Fed’s tightening expectations may keep US dollar supported which may weigh on gold prices.”