Domestic gold prices edged higher on Thursday as the US dollar and Treasury yields eased, with market participants awaiting new indications on the Federal Reserve's rate hike plans. On MCX, gold prices were up by nearly Rs 50 to touch the cost of Rs 54,810 per 10 gram.

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Meanwhile, Silver prices hiked by Rs 90 to Rs 69100 per kg. Globally, Spot gold was up 0.2 percent to $1,807.57 per ounce as of 0303 GMT, after dropping 1 percent in the last session.

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The hike in metal prices were supported by easing dollar. Around 11:45 am, US Dollar Index Futures - Mar 23 were down by nearly 0.1 percent to 104.105. With this, the rupee rose by three paise to 82.82 vs dollar amid fall in global crude oil benchmarks.

Crude oil prices fell on Thursday as rise in COVID-19 cases in China dimmed hopes of recovery in fuel demand hopes. Brent crude futures was trading 0.4 percent lower at $83.6 per barrel at the last count. WTI futures fell 0.5 percent to $78.6 per barrel at the last count.

Indian equity benchmarks BSE Sensex and NSE Nifty50 are expected to open lower on Thursday mirroring weakness across global markets.

First Published:Dec 29, 2022 1:08 PM IST