Domestic gold prices fell on Monday after recovering from a 15-month low mark in the previous sessions. Global benchmarks held the ground firmly on lower Treasury yields and largely unchanged dollar.
MCX gold August futures fell 0.2 percent to touch the intraday low of Rs 50,551 per 10 grams. White metal future fell 0.8 percent to Rs 54,702 per kilogram, almost one percent above the lifetime low of Rs 54,151 per kilogram.
Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart, suggests buying gold on dips around Rs 50,400 for the target of Rs 50,850 with a stop loss at Rs 50,180 and buying silver around Rs 54,800 for a target of Rs 55,750 with a stop loss at Rs 54,400.
Also Read: Indian shares see best week of FPI inflow in 9 months but experts say too soon to call it a reversal
Ravindra Rao, VP-Head Commodity Research at Kotak Securities said, "Gold has come off the lows but may remain directionless ahead of Fed decision but the general bias is still weak unless US central bank gives clear indication of slowing down the rate hikes."
Global oil benchmarks edged lower on Monday as worries of falling demand post expected interest rate hike took the centre stage.
Domestic equity benchmarks BSE Sensex and NSE Nifty50 made a gap-down start on Monday. The rupee edged higher to 79.85 against the US dollar.
The dollar Index — which gauges strength in the greenback against six peers — remained largely unchanged at 106.6.
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