Gold prices today: Yellow metal rates drop by nearly Rs 80 after hitting all-time high

Domestic gold prices edged lower on Wednesday after hitting a record high a day earlier. The decrease in prices came as the dollar steadied ahead of US economic data that could steer the Federal Reserve's policy tightening path. On MCX, yellow metal rates dropped by Rs 77 to Rs 56,892 per 10 grams.

This decline was seen a day after the gold prices hit a fresh all-time high at Rs 57,099 per 10 grams. Meanwhile, Silver metal prices also slumped by Rs 120 to Rs 68,422 per kg.

Globally, Spot gold slipped 0.6 percent to $1,926.79 per ounce, as of 0611 GMT, after hitting its highest since late April on Tuesday.

The dollar index held steady. A stronger dollar makes greenback-priced gold less attractive for buyers holding other currencies. Around 1 pm, the US Dollar Index Futures were down by 0.1 percent to 101.555.

With this, the rupee gained by 11 paise vs the US dollar as global crude oil benchmarks rebounded putting pressure on the currency.

Crude oil prices rebounded on Wednesday amid optimism about demand recovery in China. Brent crude futures were trading 0.4 percent higher at $86.5 per barrel at the last count. WTI futures, too, were trading 0.3 percent higher at $80.4 per barrel at the last count.

Indian equity benchmarks BSE Sensex and NSE Nifty50 opened lower on Wednesday.