Domestic gold prices inched higher on Tuesday as the dollar eased amid lingering worries about further rate hikes from the US Federal Reserve. On the Multi Commodity Exchange (MCX), gold prices jumped by Rs 281, to Rs 54,541 per 19 grams as speculators created fresh positions on a firm spot demand.

Share Market Live

NSE

Meanwhile, Silver prices rose by Rs 263 to Rs 67775 per kg. Globally, spot gold was down 0.1 percent at $1,785.98 per ounce, as of 0217 GMT. The gain in metal price was supported by a firm dollar. Around 2 pm, US Dollar Index Futures slumped 0.55 percent to 103.752. As per Money Control, the rupee appreciated 82.7650 against the spot dollar on Tuesday.

Last week, Fed Chair Jerome Powell said the U.S. central bank will deliver more interest rate hikes next year to curb inflation. Other major central banks have also highlighted a similar hawkish stance.

Meanwhile, crude oil futures on Tuesday declined 0.63 percent to Rs 6,267 per barrel as participants trimmed their positions on low demand, PTI reported. On the Multi Commodity Exchange, crude oil for December delivery fell by Rs 40 or 0.63 per cent to Rs 6,267 per barrel in a business volume of 8,476 lots.

Globally, West Texas Intermediate crude oil was trading 0.16 percent lower at USD 75.07 per barrel, and Brent crude was down 0.10 percent to USD 79.72 per barrel in New York.

Besides this, Indian equity benchmarks BSE Sensex and NSE Nifty50 opened lower on Tuesday amid mixed cues from global markets.