Domestic gold prices gained on Thursday as global benchmarks took a hit following a fall in demand. MCX gold August futures rose 0.6 percent to touch the intraday high of Rs 51,047 per 10 grams. White metal future jumped 2.6 percent to Rs 56,261 per kilogram.

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Sugandha Sachdeva, Vice President - Commodity and Currency Research, Religare Broking Ltd, said at the domestic markets, prices look to nudge higher towards Rs 51,500 per 10gm mark in the near term, with key support in sight at the Rs 48,800 per 10gm.

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Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart, suggests buying gold above Rs 50,800 for a target of Rs 51,100 with a stop loss at Rs 50,620 and silver above Rs 55,000 for a target of Rs 56,200 with a stop loss at Rs 54,500.

Global oil benchmarks surged amid lower crude inventories and high demand.

Domestic equity benchmarks BSE Sensex and NSE Nifty50 opened higher on Thursday tracing gains in global markets. The rupee edged higher to 79.78 against the US dollar.

The dollar Index — which gauges strength in the greenback against six peers — fell 0.3 percent to 106.1.

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