Gold prices today: Yellow metal gains Rs 110 to touch Rs 55,800

Gold prices were marginally up as the dollar edged lower after the equity market opened with minor gains on Wednesday. On MCX, gold prices increased by Rs 116 to Rs 55,828 per 10 grams. Meanwhile, Silver rates were up by nearly Rs 6,00 to 68961 per kg.

Around 12:45 pm, US Dollar Index Futures - Mar 23 was down by 0.04 percent at 102.933. The dollar index was trading 0.1 percent higher at 103.1 in early trade.

With this, the rupee gained five paise from its previous close vs US dollar on Wednesday, starting the trading session at 81.74 against the greenback. An ease in global crude oil benchmarks supported the currency. The rise in the dollar index, however, put pressure on the rupee.

Crude oil prices fell on Wednesday, easing gains from the previous session, as an unexpected rise in US inventories triggered fuel demand worries. Brent crude futures were down 0.9 percent at $79.4 per barrel at the last count. WTI futures, too, fell 0.9 percent to $74.4 per barrel at the last count.

Indian equity benchmarks BSE Sensex and NSE Nifty50 opened higher on Wednesday, amid gains across most global markets.