The domestic gold prices gained on Friday as dollar slipped marginally, while investors braced for key US inflation data and Federal Reserve's rate hike decision due next week. On MCX, gold prices were up by Rs 175 to Rs 54,226 per 10 grams, while Silver rates gained by Rs 510 to Rs 67,544 per kg.

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Globally, Spot gold was up 0.2 percent at $1,793.16 per ounce, as of 0241 GMT, but fell 0.3 percent so far this week.

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The gains in metal prices were supported by softer dollar. As of 10 am, US Dollar Index Futures - Dec 22 dropped by 0.25 percent to 104.490. With this, the rupee appreciated to Rs 82.30 against dollar in the early session.

Besides this, oil prices fell for the fifth straight session to their lowest in 2022, bringing cheer as crude accounts for a bulk of the bill for countries such as India, which are heavily dependent on oil imports. This led to rise in share market in India.

Indian shares rose on hopes of a global demand revival due to China's easing of strict COVID-19 restrictions. The Nifty 50 index was up 0.21 percent at 18,648.65, as of 09:20 am IST, and the S&P BSE Sensex rose 0.17 percent to 62,699.55.

Tata Steel, Hindustan Unilever, Grasim Industries, NTPC and Eicher Motors were among the top gainers in the Nifty 50 index, rising over 0.75 percent while HCL Technologies led the losses, shedding over 4.6 percent.