Domestic gold prices touched one-week high on Tuesday after consecutive volatile sessions. Global gold benchmarks climbed backed by an easing dollar.
MCX gold August futures climbed 0.2 percent to touch the intraday high of Rs 50,647 per 10 grams. Silver followed suit with the white metals future climbed 0.4 percent to Rs 54,638 per kilogram.
"Gold has benefitted from weaker US dollar however a sustained rise is unlikely unless Fed indicates pause in its monetary tightening," according to Ravindra Rao, VP-Head Commodity Research at Kotak Securities.
Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart, suggests buying gold around Rs 50,450 for the target of Rs 50,800 with a stop loss at Rs 50,220.
Global oil benchmarks surged fuelled by supply fears.
Domestic equity benchmarks BSE Sensex and NSE Nifty50 made a flat start on Tuesday. The rupee opened flat at 79.73 against the US dollar.
The dollar Index — which gauges strength in the greenback against six peers — fell 0.3 percent to 106.1.
