Domestic gold prices extended gains on Thursday as domestic equities edged higher. Global gold prices hit a one-week high buoyed by a weaker dollar, while investors awaited direction on rate hikes by the US Federal Reserve from a key central bankers' meet this week.
Spot gold was up 0.6 percent at $1,761.68 per ounce, as of 0747 GMT, after hitting a peak since Aug. 18. US gold futures were up 0.8 percent at $1,775.40.
MCX gold October futures climbed 0.6 percent to touch the intraday high of Rs 51,759 per 10 grams. White metal future, jumped 1.3 percent to Rs 55,650 per kilogram.
Ravindra Rao, VP- Head Commodity Research at Kotak Securities “With mixed US economic data showing signs of stress in the economy, market players are assessing if Fed may take a less hawkish stance. Gold is also supported by global growth worries, inflation concerns and geopolitical issues. Sharp gains are unlikely as Fed is largely likely to maintain a hawkish stance.”
Rahul Kalantri, VP Commodities, Mehta Equities Ltd, "We expect gold and silver prices to remain volatile in today’s
Indian equity benchmarks opened in green on Thursday tracing largely positive cues from global markets. The rupee edged higher to 79.80 against the US dollar.
The dollar index — which gauges the strength in the greenback against six peers — was marginally down.
