Domestic gold prices extended gains on Wednesday as global benchmarks remained flat awaiting US inflation data.

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MCX gold August futures rose 0.3 percent to touch the intraday high of Rs 50,600 per 10 grams. Silver opened 0.1 percent higher at Rs 56,545 per kilogram on the last count.

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Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart, suggests selling gold on rise around Rs 50,600 for a target price of Rs 50,220 with a stop loss at Rs 50,800.

Global oil benchmarks climbed on Wednesday. Indian equity indices made a gap up start before giving up gains later in the day. The rupee hit the record low of 79.67 against the US dollar after closing at 79.60 in the previous session.

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The dollar Index — which gauges strength in the greenback against six peers — rose 0.2 percent to 108.1.