Domestic gold prices hit another record on Wednesday, supported by a pullback in the dollar, although caution prevailed as investors awaited minutes from the Federal Reserve's December policy meeting that could offer hints on the US central bank's tightening path.

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On MCX, gold prices touched Rs 55,818 per 10 grams after a recoding a jump of around 0.5 percent or Rs 288. This was slightly lower than the lifetime high, as per the MCX.

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Meanwhile, Silver rates were up by Rs 257 to Rs 70174 per kg. Globally, Spot gold was up 0.3 percent at $1,844.85 per ounce, as of 0244 GMT. US gold futures were up 0.2 percent at $1,850.10.

The hike in metal rate came as dollar index slipped 0.2 percent, after scaling a two-week high on Tuesday. Around 12 pm on Wednesday, US Dollar Index Futures were 0.07 percent down at 104.243. With his, the rupee rose by four paise from its previous close to 82.84 vs dollar amid fall in oil benchmarks.

Crude oil prices fell on Wednesday as COVID in China triggered demand concerns. Brent crude futures were trading flat at $81.6 per barrel at the last count. WTI futures slipped 0.3 percent to $76.7 per barrel at the last count.

Besides, Indian equity benchmarks BSE Sensex and NSE Nifty50 opened flat on Wednesday.

First Published:Jan 4, 2023 1:19 PM IST