Domestic gold prices slipped below the 15-month low mark on Thursday as global benchmarks hit a one-year low. Silver too tumbled, just inches away from lifetime low.
MCX gold August futures fell 0.8 percent to touch the intraday low of Rs 49,863 per 10 grams. Silver followed suit with the white metals future falling 1.8 percent to Rs 54,619 per kilogram, 0.2 percent above the lifetime low of Rs 54,506 per kilogram.
Ravindra Rao, VP-Head Commodity Research at Kotak Securities, said, "Gold may remain under pressure unless we see renewed selling pressure in US dollar post ECB decision. ECB is largely expected to raise interest rate by 0.25 percent however there is some expectations of a bigger move as well."
Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart, expects both precious metals to remain weak in Thursday’s session ahead of the ECB policy meeting outcomes. Jain suggests staying away from precious metals in Thursday's session.
Global oil benchmarks eased as demand concerns outweighed tight global supply.
Domestic equity benchmarks BSE Sensex and NSE Nifty50 made a flat start on Thursday before shrugging of losses later in trade. The rupee opened at 80.05 against the US dollar.
The dollar Index — which gauges strength in the greenback against six peers — climbed marginally to almost 107.
