Domestic gold prices extended losses on Monday mirroring global benchmarks amid largely positive trends in domestic equities.

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MCX gold August futures fell 0.4 percent to touch the intraday low of Rs 51,230 per 10 grams. White metal future were 0.7 percent down at Rs 57,936 per kilogram.

Ajay Kedia, Managing Director at Kedia Advisory, suggest buying gold October 2022 futures at Rs 51,200 for a target price of Rs 51,500 - Rs 51,700 with a stop loss at Rs 51,000. He suggest buying silver September 2022 futures at Rs 57,500 for a target of Rs 58,500 - Rs 59,000 with a stop loss at Rs 57,000.

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According to Rahul Kalantri, VP Commodities, Mehta Equities Ltd, gold has support at Rs 51,150–50,820 with resistance at Rs 51,680 – Rs 51,840, and silver has support at Rs 57,550 - Rs 56,940 with resistance at Rs 58,980 – Rs 59,510.

Global oil benchmarks fell ahead of OPEC meeting scheduled on Wednesday.

Domestic equity benchmarks BSE Sensex and NSE Nifty50 made a gap-up start on Monday. Rupee opened higher at 79.18 against the US dollar. The dollar Index — which gauges strength in the greenback against six peers — fell 0.25 percent to 105.5.

Also Read: Oil prices slip ahead of OPEC+ meeting

First Published:Aug 1, 2022 9:54 AM IST