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Gold price today: Domestic yellow metal gains amid global benchmarks hitting 2-week low

CNBCTV18 logo CNBCTV18 18-08-2022 Asmita Pant
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Domestic gold prices extended gains on Thursday amid losses in domestic equities. Global gold benchmarks slipped to near two-week low, pushed by a firm dollar.

MCX gold October futures climbed 0.3 percent to touch the intraday high of Rs 51,711 per 10 grams. White metal future, however, fell 0.6 percent to Rs 56,551 per kilogram.

Ravindra Rao, VP- Head Commodity Research at Kotak Securities said, "Gold may remain volatile as support from global growth worries, geopolitical issues and inflation concerns is countered by weaker investor interest and concerns about consumer demand."

Also Read: Rupee declines to 79.60 amid a stronger dollar

"However, with Fed expected to continue with rate hikes, US dollar may remain supported and this may pressurize gold," Rao added.

Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart, suggests buying silver around Rs 56,700 for a target of Rs 57,500 with a stop loss at Rs 56,300.

Indian equity benchmarks opened in red mirroring negative cues from global markets. The rupee edged lower to 79.60 against the US dollar.

The dollar index — which gauges the strength in the greenback against six peers — climbed 0.2 percent.

Also Read: Oil edges off low as strong export demand drains US crude stocks

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