Domestic gold prices hit record high on Thursday after the Federal Reserve raised interest rates by an expected 25 basis points. The hike comes a day after Finance Minister Nirmala Sitharaman presented the Union budget 2023.

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On MCX, gold prices touched the lifetime high of Rs 58,826 per 10 grams after increasing by Rs 618 early Thursday. Meanwhile, Silver prices gained over Rs 1,500 to touch record Rs 71,500 per kg.

Globally, gold prices extended gains to touch their highest in more than nine months. Spot gold was up 0.2 percent at $1,953.76 per ounce, as of 0206 GMT, after hitting its highest since April 2022 earlier in the session.

The dollar index fell 0.2 percent. A weaker greenback makes dollar-priced bullion more attractive for buyers holding other currencies. Around 12 pm, the US Dollar Index Futures was down 0.27 percent to 100.750.

With this, the rupee opened nine paise higher from its previous close against the US dollar on Thursday amid jump in global crude oil benchmarks following Fed's slowing of rate hike.

Crude oil prices moved higher on Thursday, rebounding after falling in the previous session. Brent crude futures were trading 0.9 percent higher at $83.6 per barrel at the last count. WTI futures, too, were trading over one percent higher at $77.2 per barrel at the last count.

Indian equity benchmarks BSE Sensex and NSE Nifty50 oscillated between the green and the red amid choppy trade on Thursday.