Domestic gold prices extended losses on Monday as global benchmarks remained flat, near nine-month low, amid strength in greenback overseas.

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MCX gold August futures fell 0.1 percent to touch the intraday low of Rs 50,709 per 10 grams as of 09:32 am. Silver followed suit with the white metal futures falling 0.2 percent to Rs 57,034 per kilogram on the last count.

Ravindra Rao, VP-Head Commodity Research at Kotak Securities, said, “Weakness across commodities and continuing ETF outflows is also weighing on gold price. Gold has already fallen sharply on Fed’s tightening expectations and we may see some consolidation unless there are fresh triggers.”

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Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart, expects both precious metals to remain volatile this week. Jain suggests buying gold on dips around Rs 50,650 for a target of Rs 51,050 with a stop loss at Rs 50,440 and buy silver around Rs 56,700 for the target of Rs 58,000 with a stop loss at Rs 56,100.

Global oil benchmarks eased as tight supply concerns and fears of recession weighed heavy on investor sentiments.

Indian equity indices made a gap down start amid mostly negative cues across other Asian equities. The rupee opened flat against the US dollar after closing at 79.25 in the previous session.

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The dollar Index — which gauges strength in the greenback against six peers — rose half a percent to 107.2.