Gold price today: Yellow metal falls to lowest since February 15 amid gains in Indian market

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Domestic gold prices fell on Thursday, hitting the lowest level since February 15. MCX gold futures fell 0.4 percent to touch an intraday low of Rs 49,822 per 10 grams, marginally away from the all-time low of Rs 49,795. Spot gold, which has slipped as the dollar and US yields, went up to $1,696 an ounce.

Meanwhile, white metal future dropped 0.19 percent to Rs 56,880 amid choppy trade.

This came as the dollar index — which measures the greenback against a basket of currencies — was moved slightly down to 109.31. As of 9:52 am on Thursday, US Dollar Index Futures was trading at 109.485, up 0.10 percent. also, the rupee fell by eight paise from its previous close to 79.52 against the US dollar on Thursday.

Indian equity benchmarks BSE Sensex and NSE Nifty50 started Tuesday’s session higher, extending a pullback a day after staging a dramatic fag-end recovery. Gains in financial, oil & gas and auto shares pushed the headline indices higher, though losses in IT stocks played spoilsport.

Asia’s stock markets were steady but fragile on Thursday, a day after their biggest drawdown in three months as investors weighed the risk of the Federal Reserve announcing a 100 basis point interest rate hike next week to tackle sticky inflation.

Besides, global crude oil benchmarks rose as supply concerns and a looming rail stoppage in the US took centre stage. Brent crude futures rose 0.6 percent to $94.7 a barrel. WTI futures rose 0.7 percent to $89.2 a barrel.

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