Domestic gold prices extended losses for the second session straight on Wednesday as global benchmarks held ground.
MCX gold August futures fell 0.14 percent to touch the intraday low of Rs 50,250 per 10 grams. Silver followed suit with the white metals future falling 0.3 percent to Rs 55,550 per kilogram on the last count.
Ravindra Rao, VP-Head Commodity Research at Kotak Securities, said, "Gold seems to have stalled near $1,700/oz but is still struggling to build on the momentum and price may remain under pressure as general outlook for US dollar still remains strong as Fed is expected to lead other central banks in monetary tightening."
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Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart, expects both precious metals to remain volatile ahead of the ECB meeting. Jain suggests buying gold around Rs 50,150 for a target of Rs 50,550 with a stop loss at Rs 49,970 and buying silver around Rs 55,400 for a target of Rs 56,200 with a stop loss at Rs 54,900.
Global oil benchmarks ahead of expected buildups in US crude inventories amid weakness in product demand.
Indian equity indices made a gap up start on Wednesday. The rupee opened slightly higher at 79.93 against the US dollar.
The dollar Index — which gauges strength in the greenback against six peers — dropped 0.2 percent to 106.4.
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