Domestic gold prices extended losses on Thursday as global prices and the dollar remained steady. The rupee opened at 77.72 against the US dollar on Thursday amid rising crude oil prices.

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MCX gold futures for a June delivery dropped by Rs 102 or 0.2 percent to Rs 50,116 per 10 grams as of 1045 hrs after closing at Rs 50,218 the previous day. MCX silver futures likewise fell by Rs 285 or 0.47 percent to Rs 60,493 per kilogram after settling at 60,778 on Wednesday.

Globally, spot gold remained steady at $1,816.39 an ounce. Silver, however, was up 0.1 percent at $21.41 per ounce.

Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart said expects both gold and silver to remain volatile in today’s session. "Gold is having support at $1800-1792 per troy ounce and resistance at $1830-1844 per troy ounce while silver is having support at $21.30-21.00 per troy ounce and resistance at $21.84-22.10 per troy ounce," he said.

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Manoj Kumar Jain suggests buying gold around 50000 for the target price of Rs 50,550 with stop loss at 49,770 on a daily closing basis.

The Indian rupee on Wednesday closed at 77.61 against the US dollar.

The dollar index — which gauges strength in the greenback against six peers — was down 0.15 percent to 103.65.

Ravindra Rao, VP-Head Commodity Research at Kotak Securities, said "Fed’s monetary tightening stance and safe haven buying helped US dollar index recover after three days of losses. However, supporting gold is renewed inflation concerns post inflation data from Europe and safe haven buying amid increasing challenges for global economy. Gold may remain in a range amid countering factors however with Fed’s tightening stance still in focus, the general bias may be on the downside".

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First Published:May 19, 2022 2:53 PM IST