Domestic gold prices gained on Thursday after two days of consecutive drop in rates as investors weighed the chances of the US Federal Reserve slowing its pace of interest rate hikes, while a firmer dollar capped bullion's gains.

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On MCX, gold prices gained around Rs 40 to touch the rates of Rs 56,325 per 10 grams. Meanwhile, Silver prices dropped by Rs 331 to Rs 67,896 per kg. Globally, Spot gold was up 0.1 percent at $1,906.01 per ounce, as of 0252 GMT.

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The dollar also slumped slightly on Thursday. Around 11:45 am, the US Dollar Index Futures hovered around 102.050 after decreasing by 0.06 percent. With this, the rupee fell by 14 paise vs dollar. On Wednesday, rupee ended 52 paise higher at its highest closing level since December 1, 2022.

Crude oil prices rose on Thursday as fears of recession in US outweighed optimism about China demand recovery. Brent crude futures were trading one percent lower at $84.1 per barrel at the last count. WTI futures, too, were trading 1.2 percent lower at $78.8 per barrel at the last count.

Indian equity benchmarks BSE Sensex and NSE Nifty50 opened lower on Thursday.

First Published:Jan 19, 2023 12:09 PM IST