Domestic gold prices were up on Thursday as a weaker dollar made greenback-priced gold less expensive for overseas buyers. Also, the Fed is widely expected to announce a fourth straight 75 basis-point rate increase next month. Rising interest rates increase the opportunity cost of holding non-yielding bullion.

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On MCX, the yellow metal rates were up 0.16 percent, touching Rs 50,774 per 10 grams. Meanwhile, Silver gained 0.27 percent at Rs 58,325 per Kg.

Spot gold was flat at $1,664.09 per ounce, as of 0402 GMT. Prices hit a two-week high on Wednesday at $1,674.76.

The gain in metal costs came as dollar edged lower early Thursday. At around 11 am, US Dollar Index Futures was down 0.06 percent at 109.493. Amid this, the rupee gained by 57 paise to 82.15 vs the US dollar on Thursday.

Crude oil prices also rose on Thursday amid strong demand supported by a weaker dollar. Brent crude futures were up 0.3 percent at $94.1 per barrel at the last count. WTI futures, too, were last trading 0.2 percent higher at $88.1 per barrel.

Meanwhile, Indian equity benchmarks BSE Sensex and NSE Nifty50 opened on a positive note Thursday. They made a gap-up start as Dalal Street returns to trade after a day's holiday, led by financial and oil and gas shares.

(With inputs from Reuters)

First Published:Oct 27, 2022 1:30 PM IST