Gold price today: Yellow metal falls, white metal 0.4% away from lifetime low

Jain suggests buying gold on dips around Rs 51,100 for a target of Rs 51,500 with a stop loss at Rs 50,880.

Indian equity benchmarks traded in green on Tuesday. Sensex jumped 1,200 points and Nifty50 traded above 17,600 on the last count. The rupee edged higher to 79.92 against the US dollar, a day after hitting a record low of 80.08 in the previous session.

Crude oil prices fell on Tuesday as global inflation worries took the centre stage pushing away fears of possible output cut by Organization of the Petroleum Exporting Countries (OPEC) and its allies. Fed Chair Jerome Powell's speech in the annual Jackson Hole symposium signalled that interest rates would be kept higher for longer to bring down inflation.

Brent crude futures fell 4.5 percent to $98.3 a barrel. West Texas Intermediate (WTI) futures followed suit, and fell 0.5 percent to $96.5.

The dollar index — which gauges the strength in the greenback against six peers — rose almost 0.1 percent to 108.9.