Domestic gold prices extended losses on Thursday amid positive cues in domestic equities. Global gold benchmarks slipped with expectations of further interest rate hikes.
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.”
Rahul Kalantri, VP Commodities, Mehta Equities Ltd, expects precious metals to remain volatile in Thursday’s session.
Indian equity benchmarks made a gap-up start on Thursday. The rupee edged higher to 79.24 against the US dollar.
The dollar index — which gauges the strength in the greenback against six peers — rose 2.4 percent.