Gold price today: Yellow metal falls as global benchmarks face fourth drop in a month

Domestic gold prices extended losses in choppy trade on Friday as global benchmarks faced fourth drop in the month as US bonds weighed heavy on the commodity.

MCX gold August futures fell 0.2 percent to touch the intraday low of Rs 51,216 per 10 grams. White metal future, however, climbed 1.1 percent to Rs 58,239 per kilogram.

Ravindra Rao, VP-Head Commodity Research at Kotak Securities, said, "Gold was long due a correction after the sell-off from nearly $2000/oz to $1700/oz and that is what we are seeing now however there are still challenges as Fed may not actually slow down until inflation comes under control.”