Domestic gold prices extended gains on Friday as global benchmarks touched one month peak. MCX gold August futures surged 0.75 percent to touch the intraday high of Rs 52,401 per 10 grams. White metal future, rose 0.4 percent to Rs 58,232 per kilogram.
Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart, suggests buying silver around Rs 57,700 for the target of Rs 59,000 with a stop loss at Rs 57,150.
Global oil benchmarks fell, reversing the gains amid demand concerns.
Domestic equity benchmarks BSE Sensex and NSE Nifty50 opened higher on Friday. The rupee edged higher to 79.15 against the US dollar. The dollar index — which gauges the strength in the greenback against six peers — fell 0.1 percent.
The RBI's Monetary Policy Committee (MPC) announced its decision to increase the repo rate by 50 basis points (bps) to 5.40 percent in its bi-monthly policy meeting on Friday.
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