Gold prices on April 12, 2022: Yellow metal rates were higher on the MCX, as gold June futures were trading Rs 376 or 0.7 per cent up at Rs 52,560 per 10 gram as against the previous close of Rs 52,179 per 10 grams.
Silver May futures were trading Rs 767 or 1.14 per cent at Rs 68,061 per kg.
Globally too, gold prices edged higher as appetite for risk weakened ahead of US inflation data that could support the Federal Reserve's aggressive policy stance to contain rising pricing pressures, Reuters reported.
Earlier on Tuesday, gold prices had fell initially in the international markets as Treasury yields and the dollar gained ahead of the US inflation data.
Later, spot gold was up 0.3 per cent at $1,958.61 per ounce, after hitting its highest in nearly a month on Monday. US gold futures rose 0.8 per cent at $1,962.90.
ABC Bullion's global general manager, Nicholas Frappell, said gold was catching a bid on weaker equities and geopolitical tensions while facing headwinds from weakening crude, a firmer dollar and rising real yields.
The dollar index was back above 100, testing last week's near two-year high of 100.19, while the benchmark 10-year Treasury yield rose to its highest since December 2018.
A stronger dollar makes gold less attractive for other currency holders, while higher U.S. interest rates and yields increase the opportunity cost of holding bullion, which is also used as a hedge against inflationary pressures.