Domestic gold prices extended losses in the early trade on Thursday as global benchmarks remained largely unchanged in international markets as US Treasury yields dipped. The metal, however, is facing its worst quarter since early 2021 as the dollar cemented its place as the safe-haven asset of choice.

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MCX gold August futures fell marginally to touch the intraday low of Rs 50,717 per 10 grams as of 09:16 am. Silver opened 0.2 percent higher and remained flat at Rs 59,200 per kilogram on the last count.

"With strength in US dollar and increasing emphasis on tightening, the bias may be on the downside,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

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"Mixed economic data from major economies has also dented growth outlook lending support to gold price. However, weighing on price is monetary tightening stance of major central banks, gains in US dollar and continuing ETF outflows," he added.

Global oil benchmarks climbed higher on Thursday as tight supply concerns weighed heavy on investor sentiments.

Global equity benchmarks fell on Thursday. Indian equity indices made a negative opening amid as major Asian equities tumbled. The rupee opened at 78.87 against the US dollar after closing at 78.97 in the previous session.

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The dollar Index — which gauges strength in the greenback against six peers — was slightly down at 104.8.