Domestic gold prices were down for the second consecutive day on Wednesday as the dollar gained some ground, while the US Federal Reserve's commitment to tightening its monetary policy also weighed on zero-yield bullion's appeal.

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On MCX, yellow metal prices slid 0.22 percent to Rs 50,305 per 10 grams. Meanwhile, Silver also dropped 0.15 percent, slashing to Rs 56,269 per kg.

The consecutive drops in metal rates came as the dollar gained on Wednesday. Around 10:45 am, US Dollar Index Futures were 0.05 percent up at 112.065. The rupee also rose to 82.31 against the dollar on Wednesday, five paise higher than its previous close.

Meanwhile, crude oil prices shot up amid concern over tight supplies following reports of lower inventories in the United States. Brent crude futures were up 0.6 percent at $90.5 per barrel in the initial trade. WTI futures last traded 1.1 percent higher at nearly $83 per barrel.

Indian equity benchmarks BSE Sensex and NSE Nifty50 also extended gains on Wednesday amid strength across global markets.