Domestic gold prices were down 0.48 percent on Tuesday. MCX gold futures fell by Rs 245 to touch the intraday low of Rs 50,386 per 10 grams. White metal future dropped 0.82 percent to Rs 57,020 per kilogram.

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Meanwhile, global gold crept higher on the softening dollar and with investor focus being on a key US inflation reading as it could influence the size of the Federal Reserve's next interest rate hike. Spot gold last held at $1,723 an ounce.

This came as the US dollar retreated further from milestone highs in the initial trade. As of 10:10 am on Tuesday, the US Dollar Index Futures rallied at 107.985, witnessing a 0.10 percent drop. Rupee opened at 79.29 vs dollar from its previous close to 79.52 against the US dollar.

Early on Tuesday, Indian equity benchmarks BSE Sensex and NSE Nifty50 rose sharply amid positive moves across global markets, even as official data the previous day showed worse-than-expected consumer inflation and industrial production in India. Gains in financial, IT and oil and gas shares pushed the headline indices higher, though losses in healthcare stocks played spoilsport.

Besides this, equities in other Asian markets begin the day in the green after Wall Street indices extend a winning run to the fourth day in a row overnight.

Global crude oil benchmarks rose early in the trade before falling on possible rate hikes and demand fears. Brent crude futures fell as much as 2.9 percent to $91.2 a barrel. West Texas Intermediate futures fell 1.3 percent to $86.6 per barrel. US crude is hovering below $90 a barrel, down nearly 30 percent since the middle of June and roughly where it traded before Russia's invasion of Ukraine.

(Edited by : Akriti Anand)

First Published:Sept 13, 2022 11:00 AM IST