Domestic gold prices extended gains on Monday after hitting a 15-month low on Friday. Global gold prices rose backed by an easing dollar.
MCX gold August futures rose almost one percent to touch the intraday high of Rs 50,510 per 10 grams. Silver rose 1.3 percent higher to Rs 56,320 per kilogram.
Ravindra Rao, VP-Head Commodity Research at Kotak Securities, said that despite a fall in US dollar, gold has managed to hold near $1,700/oz level. "General bias may be on the downside unless we see a substantial correction in the US dollar.”
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Manoj Kumar Jain, head of commodity and currency research at Prithvi Finmart, suggests buying gold around Rs 50,000 for a target of Rs 50,500 with a stop loss at Rs 49,770 and buying silver around Rs 55,200 for the target of Rs 56,500 with a stop loss at Rs 54,480.
Global oil benchmarks climbed as traders awaited the resumption of gas flow through the Nord Stream pipe from Russia to Germany after a shutdown for scheduled maintenance.
Indian equity indices made a gap up start tracing positive trends across global markets. The rupee opened higher at 79.79 against the US dollar after closing at 79.88 in the previous session.
The dollar Index — which gauges strength in the greenback against six peers — fell marginally to 107.8.
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