Gold price today: Yellow metal gains after hitting multi-month low while silver falls

Domestic gold prices gained on Friday, a day after slipping below the 15-month low mark, as global benchmarks fell.

MCX gold August futures climbed 0.3 percent to touch the intraday high of Rs 50,530 per 10 grams. White metal future, however, fell 0.3 percent to Rs 55,223 per kilogram, almost one percent above the lifetime low of Rs 54,151 per kilogram.

Ravindra Rao, VP- Head Commodity Research at Kotak Securities, said, "Gold’s sharp slide in last few days has made it vulnerable to short covering and we may see extended gains as US dollar struggles however the general upbeat outlook for US dollar remains unaffected so we may not see much upside in the metal."