Domestic gold prices mildly extended losses on Tuesday even as global benchmarks held ground on the back of a strong dollar.
MCX gold August futures fell 0.3 percent to touch the intraday low of Rs 50,211 per 10 grams as of 11:31 am. Silver followed suit with the white metals future falling 1.1 percent to Rs 55,501 per kilogram on the last count.
Ravindra Rao, VP-Head Commodity Research at Kotak Securities, said, “Gold has stalled near $1700/oz level after the sharp sell-off in last few days however a sustained rise is still difficult as outlook for US dollar still remains firm.”
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Manoj Kumar Jain, head of commodity and currency research at Prithvi Finmart, expects gold and silver to remain volatile ahead of the ECB’s policy meeting due on Thursday. He suggests buying gold around Rs 50,200 for a target price of Rs 50,550 with a stop loss at Rs 49,980.
Global oil benchmarks eased amid expectations that the Fed's interest rate hike may be less than anticipated.
Indian equity indices made a gap down start before turning green later in the trade. The rupee hit a record low of 80 against the US dollar on Tuesday.
The dollar Index — which gauges strength in the greenback against six peers — climbed 0.2 percent to 107.5.
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