Domestic gold prices were up on Friday as the dollar inched lower amid data pointing at signs of slowing inflation, lifting hopes that the US Federal Reserve would scale back on aggressive rate hikes. On Multi Commodity Exchange (MCX), the yellow metal prices were nearly 0.5 percent higher at Rs 52,344 per 10 grams on Friday.

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Meanwhile, Silver was marginally higher by Rs 594 and retailing at Rs 6,250.5 per kg. As per global rates, Spot gold was 0.1 percent down at $1,751.87 per ounce as of 0048 GMT. It is up 4.2 percent for the week. US gold futures rose 0.1 percent to $1,755.20.

The hike in metal prices came as the dollar index reeled lower. Around 1 pm, US Dollar Index Futures - Dec 22 saw a drop of nearly 0.5 percent at 107.595. With this, the rupee surged 110 paise from its previous close — the biggest opening gain in nine years — to 80.71 vs the dollar on Friday.

Crude oil prices rose on Friday, halting a four-day falling streak as US data eased recession fears. COVID curbs in China, however, kept demand worries alive. At the last count, Brent crude futures were up 0.2 percent at $93.9 per barrel. WTI futures were also trading 0.3 percent higher at $86.7 per barrel.

Indian equity benchmarks BSE Sensex and NSE Nifty50 made a gap-up start on the last trading day of the week amid strength across global markets.