Domestic gold prices extended gains on Monday even as global benchmarks edged lower amid recession fears. MCX gold August futures climbed 0.2 percent to touch the intraday high of Rs 51,965 per 10 grams. White metal future, rose 0.5 percent to Rs 57,629 per kilogram.
Global oil benchmarks fell to multi-months low before rising slightly later in the trade.
Ravindra Rao, VP- Head Commodity Research at Kotak Securities said, "We may see some correction as market players respond to US jobs report which makes a case for Fed to continue with aggressive rate hikes."
Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart suggests selling gold on rise around Rs 52,050 for a target of Rs 51,550 with a stop loss at Rs 52,300.
Domestic equity benchmarks BSE Sensex and NSE Nifty50 opened flat on Monday before rising late in the day. The rupee edged lower to 79.45 against the US dollar. The dollar index — which gauges the strength in the greenback against six peers — climbed 0.2 percent.
