Domestic gold prices extended losses on Friday amid gains in domestic equities. Global gold benchmarks remained unchanged after falling on Thursday ahead of the Jackson Hole symposium.
MCX gold October futures fell 0.5 percent to touch the intraday low of Rs 51,446 per 10 grams. White metal future, however, claimed 0.4 percent to Rs 55,595 per kilogram.
Ravindra Rao, VP- Head Commodity Research at Kotak Securities said, "Gold has inched up after taking support near $1750/oz however a sharp upside is unlikely as Fed is likely to maintain support for continuing rate hikes with inflation still out of control."
Dr. Ravi Singh, vice President and head of Research, Share India sees a buy zone in MCX gold futures above Rs 51,800 for a target of Rs 52,000, and a sell zone below Rs 51,550 for a target of Rs 51,200.
Amit Khare, AVP- Research Commodities, Ganganagar Commodity Ltd said that bullions charts are looking positive. "Momentum Indicator RSI is also indicating the same," Khare said.
Indian equity benchmarks — NSE Nifty and BSE Sensex — made a gap-up start on the last trading day of the week tracing positive cues from global markets. The rupee remained largely unchanged at 79.87 against the US dollar.
The dollar index — which gauges the strength in the greenback against six peers — rose 0.1 percent.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Lok Sabha election 2024: A SWOT analysis of DMK vs AIADMK in Tamil Nadu
Apr 19, 2024 1:22 AM
Exclusive: FM Nirmala Sitharaman says poverty alleviation can't be achieved by throwing money at the problem
Apr 18, 2024 7:27 PM
Tamil Nadu Lok Sabha elections 2024: List of Congress candidates
Apr 18, 2024 4:33 PM
Will the payment under PM-KISAN be increased? Here's what Finance Minister said
Apr 18, 2024 3:58 PM