Domestic gold prices oscillated between the red and green on Thursday, falling to the lowest since September 29, as domestic equities rebounded from the day's low during the fag end of the trading session. Globally, gold benchmarks edged lower pressured by high US Treasury yields.
On MCX, gold prices fell as much as 0.3 percent to Rs 50,065 per 10 grams on Thursday, lowest in three weeks. White metal futures too moved in choppy trade falling to Rs 55,604 per kg before rising 0.6 percent to Rs 56,366 per kg.
The dollar index — which gauges the strength of the greenback against six peers — was marginally down at 112.8 at the last count.
"In yesterday’s session gold tested three weeks low as US dollar reversed most of its recent losses to trade near 113. US Treasury yields gained and tested new highs as traders dumped bonds on Fed’s aggressive rate hike expectations. It will be important to see whether US Dollar holds on to the gains or it falters once again as seen in the previous few sessions," said Ravindra Rao, VP-Head Commodity Research at Kotak Securities.
Indian equity benchmarks BSE Sensex and NSE Nifty50 rose later in the trade on Thursday supported by gains across sectors.
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