Domestic gold prices plunged for the second consecutive day on Thursday with MCX gold futures dropping by 0.12 percent to Rs 5,0445 per 10 grams. White metal future was up 0.15 percent to Rs 54,107 per kilogram.

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Spot gold prices fell 0.1 percent to $1,716.04 an ounce, and leading cryptocurrency bitcoin was last down 0.95 percent at $19,199.00, Reuters reported.

This came as the dollar index, which tracks the greenback against a basket of currencies of other major trading partners, saw a slight drop on Thursday at 109.79, as of 9:18 am (IST).

Rahul Kalantri, VP Commodities, Mehta Equities Ltd, said, "Gold has support at $1712-1696, while resistance at $1734-1746. Silver has support at $18.05-17.88, while resistance is at $18.48-18.65."

Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi, Finmart, said, "Gold and silver showed very high volatility and drop in the early trading session when the dollar index hit 110.79 and the US bond yields crossed 3.35 percent, but heavy profit taking at higher levels in the dollar index and bond yields supported precious metals."

In Indian equity markets, Sensex climbs nearly 500 points and Nifty50 crossed 17,750. Meanwhile, the rupee surged 22 paise from its previous close to 79.68 against the US dollar on Thursday. The greenback retreated from two-decade highs lending support to the currency.

Meanwhile, Oil prices recovered slightly from an overnight plunge. Crude oil rates soon dipped below $90 a barrel, slipping to seven month low, benefiting India, the world's third-largest importer of oil, as it brings down imported inflation.

(Edited by : Akriti Anand)

First Published:Sept 8, 2022 10:39 AM IST