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."

Ajay Kedia, Managing Director at Kedia Advisory, suggest buying gold August 2022 futures at Rs 50,150 for a target price of Rs 50,500 - Rs 50,700 with a stop loss at Rs 50,000. He suggest buying silver September 2022 futures at Rs 55,000 for a target of Rs 55,800 - Rs 56,200 with a stop loss at Rs 54,500.

Global oil benchmarks edged higher on Friday as tight supply and geopolitical tensions took the centre stage.

Domestic equity benchmarks BSE Sensex and NSE Nifty50 opened higher on Friday tracing gains across global markets. The rupee edged lower to 79.89 against the US dollar.

The dollar Index — which gauges strength in the greenback against six peers — was 0.3 percent down to 106.5.