Domestic gold prices inched lower for the second consecutive day on Wednesday as the US dollar firmed, while expectations of a slowdown in the pace of Federal Reserve interest rate hikes limited the losses.
On MCX, gold prices were up by 0.3 percent to Rs 56,158 per 10 grams. Meanwhile, Silver rates were down by 0.01 percent to Rs 69,179 per kg. Globally, Spot gold dipped 0.3 percent to $1,902.79 per ounce, as of 0256 GMT. US.
The dollar index was up 0.3 percent in the early trade. A stronger dollar tends to make gold more expensive for buyers holding other currencies. Around 11 am, the US Dollar Index Futures was up 0.4 percent at 102.575.
With this, the
rupee was up at 81.74 vs dollar amid rise in the value of greenback against a basket of six peers. Crude oil benchmarks traded higher on Wednesday.
Crude oil prices rose on Wednesday on optimism about China's demand recovery. Brent crude futures were trading 0.6 percent higher at $86.4 per barrel at the last count. WTI futures, too, were trading 0.7 percent higher at $81 per barrel at the last count.
Indian equity benchmarks BSE Sensex and NSE Nifty50 opened flat on Wednesday.
