The domestic gold prices were down for the second consecutive day on Friday as the dollar eased while the US Federal Reserve projected higher interest rates for a longer period. On the Multi Commodity Exchange, the gold prices were down by nearly Rs 30 to touch Rs 54078 per 10 grams. Meanwhile, Silver was down 1.37 percent (Rs 928) to 66,890 per kg.

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According to PTI, analysts attributed the fall in gold prices to the trimming of positions by participants. Globally, gold was trading 0.06 per cent higher at USD 1,788.80 per ounce in New York.

The dollar index slipped 0.2 percent, making bullion cheaper for overseas buyers. Around 2 pm, US Dollar Index Futures - Mar 23 was recorded at 104.040. With an ease in dollar, the rupee also depreciated to 82.85 vs dollar on Friday amid a fall in crude oil benchmarks and a decline in the value of greenback against a basket of six peers.

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Crude oil prices fell on Friday following central banks' interest rate hikes, but are on track to post the biggest weekly gain since October. Brent crude futures fell 0.2 percent to $81 per barrel at the last count. WTI futures too fell 0.2 percent to $75.9 per barrel at the last count.

Indian equity benchmarks BSE Sensex and NSE Nifty50 inched lower in the early trends on Friday, tracing global cues.