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At the interbank foreign exchange, the rupee opened at 86.70 and touched the high of 86.68 against the greenback during intraday
Spot gold was up 0.2% at $2,908.50 per ounce, as of 0240 GMT. Bullion hit a record peak of $2,942.70 on Tuesday. U.S. gold futures firmed 0.3% to $2,936.50.
Gold of 99.5 per cent purity surged by Rs 2,430 to hit a record high of Rs 88,100 per 10 grams in the local markets.
Brent crude futures fell 23 cents, or 0.3%, to $78.79 a barrel at 0135 GMT, while U.S. West Texas Intermediate crude (WTI) eased 18 cents, or 0.2%, to $75.26.
The rebound in gold prices has hammered demand, and buyers are now waiting for prices to correct, said a Mumbai-based dealer with a private bullion importing bank.
Spot gold eased 0.1% to $2,659.62 per ounce, as of 0353 GMT. U.S. gold futures rose 0.2% to $2,678.30.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
Bullion has risen 27% this year and is on track for its best performance since 2010, driven by major Fed cuts and heightened geopolitical uncertainties.
After gold prices became highly volatile over the past two weeks, buyers are now adopting a wait-and-see approach, hoping for prices to decline further, said a Chennai-based jeweller.
Spot gold was up 0.3% at $2,688.29 per ounce, as of 0320 GMT. Bullion is headed for a weekly gain and has added more than 2% so far this week.
Traditionally, building construction and infrastructure account for 43 per cent of copper demand while contributing 11 per cent to GDP, International Copper Association India said in a statement.
Prices are 22.05% higher, according to Moneycontrol analysis
Prices are 22.30% higher, according to Moneycontrol analysis
Brent crude futures fell by 9 cents, or 0.1%, to $72 per barrel by 0116 GMT. U.S. West Texas Intermediate crude futures fell by 4 cents, or 0.1%, to $68.27 per barrel.
Gold has been trading at 20.36%, higher compared to the start of the year
Gold of 99.5 per cent purity also slumped Rs 1,250 to Rs 77,750 per 10 grams from Monday’s closing level of Rs 79,000 per 10 grams
Ukraine fired a series of British Storm Shadow cruise missiles into Russia on Wednesday, marking the latest use of Western weapons on Russian targets, just a day after firing U.S. missiles.
Spot gold rose 0.4% to $2,623.54 per ounce by 0246 GMT, the highest since Nov. 12. Prices rose 2% on Monday.
Prices are 22.71% higher, according to Moneycontrol analysis
Brent crude futures were down 65 cents, or 0.9%, at $71.91 a barrel by 0450 GMT. U.S. West Texas Intermediate crude futures were down 62 cents, or 0.9%, at $68.08.
There is a wide split between forecasters on the strength of demand growth in 2024, partly due to differences over demand from China and the pace of the world's switch to cleaner fuels
Prices are 29.61% higher, according to Moneycontrol analysis
Gold has been trading 25.48%, higher compared to the start of the year
Year-over-year, gold prices have soared 30.09 percent, as analysed by Moneycontrol
From last year, prices have climbed 30.58%, according to Moneycontrol analysis
