The domestic gold prices were highest in nearly eight months on Wednesday even as dollar edged higher and oil prices fell in early trade. The gains come as investors awaited the US Federal Reserve's policy decision later in the day after softer-than-expected inflation data fanned expectation of a moderate interest rate hike path.

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On MCX, gold prices were up marginally by Rs 42 to 54,785 per 10 grams, with an intraday high of Rs 54,890. This was the highest since March 31 this year. Meanwhile, Silver rates jumped by Rs 178 to 68,953 per kg. Globally, Spot gold was little changed at $1,810.99 per ounce, as of 0322 GMT, after hitting a more than five-month high on Tuesday.

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The dollar also gained Tuesday. Around 11 am, the US Dollar Index Futures - Mar 23 was 0.05 percent higher at 103.623. With this, the rupee depreciated to Rs 82.62 against US dollar as oil rates fell.

Oil prices were down in early trade on Wednesday after industry data showed a surprise build in US crude inventories against analysts' forecast of a decline, reinforcing fears about weakening demand even as supply tightens. Brent crude futures dropped 19 cents, or 0.2 percent, to $80.49 per barrel.

Meanwhile, Indian equity benchmarks BSE Sensex and NSE Nifty50 opened higher on Wednesday amid positive cues from global markets. Investors globally keenly await FOMC decision scheduled to be announced later today.

First Published:Dec 14, 2022 11:46 AM IST