Domestic gold prices fell on Tuesday as global benchmarks slumped after gold prices in international market hovered near one-week low, pushed by a strong dollar.

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MCX gold August futures fell by as much as 0.4 percent to touch the intraday low of Rs 50,445 per 10 grams as of 9:43 am. Silver followed suit, with the white metal's July futures dropping by 0.7 percent to Rs 59,867 per kilogram.

Global oil benchmarks oscillated between positive and negative amid recession fears and fresh COVID-19 curbs in China. Global and Asian equities continued trading in red on Tuesday.

Indian equity indices, however, gained momentum later in the day and both indices were 0.5 percent up.

The rupee opened low at 78.02 against the US dollar on Tuesday after settling at 78.03 in the previous session.

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Indian equity benchmarks opened in red after witnessing negative trends in the previous session. Nifty 50 was down by as much as 0.7 percent at 15,659 on the last count. BSE Sensex fell 0.7 percent to 52,459.5.

Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart, expects both precious metals to remain volatile in Tuesday’s session ahead of the US Fed policy meeting.

“At mcx, gold is having support at Rs 50,500 – Rs 50,330 and resistance at Rs 50,880 – Rs 51,050 while silver is having support at Rs 59,800 – Rs 59,200 and resistance at Rs 61,000 – Rs 61,660,” he said.

Jain suggested staying away from both the precious metals in Tuesday’s session.

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The dollar index — which gauges strength in the greenback against six peers — was up by 0.1 percent at 105.12.