Domestic gold prices extended gains on Friday as global benchmarks fell weighed down by a strong dollar and higher Treasury yields. Global prices are on track for their biggest weekly drop since mid-May.

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MCX gold August futures started the day in red. By 12:00 am the prices was marginally up to touch the intraday high of Rs 51,031 per 10 grams. Silver followed suit, with the white metal's July futures rising by 0.3 percent to Rs 61,694 per kilogram.

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities, said: "Gold may remain volatile as support from global growth worries is countered by monetary tightening by major central banks however Fed’s tightening stance may keep US dollar supported and this may keep pressure on gold."

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Global crude oil prices tumbled amid demand concerns. Domestic equity benchmarks BSE Sensex and NSE Nifty50 opened in red on Friday as growing recession worries weighed on investor sentiment and negative cues across global markets.

The rupee opened at 78.05 against the US dollar on Friday after settling at 78.07 in the previous session.

The dollar Index — which gauges strength in the greenback against six peers — rose as much as 0.7 percent to 104.4.

Also Read: Oil edges down as demand concerns weigh