<a href="https://www.mid-day.com/business/business-news/article/gold-silver-gain-ahead-of-us-fed-meet-as-investors-weigh-geopolitical-risks-amid-war-tensions-23621183" target="_blank" rel="none noopener">Gold and silver prices </a>traded higher on Monday, with precious metals surging up to 1 per cent supported by a weaker US dollar and easing inflation concerns after crude oil prices plunged following the suspension of hostilities between the United States and Iran.
On the <a href="https://www.mid-day.com/business/business-news/article/multi-commodity-exchange-alerts-investors-against-fake-telegram-channel--23640273" target="_blank" rel="none noopener">Multi Commodity Exchange (MCX)</a>, gold futures (August) opened at Rs 1,43,575 per 10 grams, compared with the previous close of Rs 1,43,106.
At around 12:10 pm, gold was trading at Rs 1,44,173 per 10 grams, up Rs 1,067 or 0.75 per cent. During the session so far, the yellow metal touched an intraday high of Rs 1,44,230, an increase of about 0.8 per cent.
Silver futures (September) also traded higher. The white metal rose as much as 1.26 per cent to touch an intraday high of Rs 2,24,955 per kg. At the last count, it was trading at Rs 2,24,844, up Rs 2,706 or 1.22 per cent.
In the international market, spot gold gained about 1 per cent to trade near USD 4,100 per ounce, while silver rose nearly 1 per cent to around USD 59 per ounce.
According to market experts, gold rebounded from a nine-month low as the <a href="https://www.mid-day.com/news/world-news/article/us-iran-conflict-oil-prices-ease-after-us-and-iran-pause-their-attacks-23641752" target="_blank" rel="none noopener">sharp decline in crude oil prices</a> eased inflation concerns after the US and Iran paused military operations. Lower oil prices also weakened the US dollar, making bullion more attractive to investors.
The dollar index slipped to around 101.2 on Monday, surrendering part of last week's gains as easing geopolitical tensions reduced concerns over energy supply disruptions.
Experts expect the near-term outlook for both precious metals to remain cautiously positive.
For MCX Gold, immediate resistance is seen in the Rs 1,45,500-1,46,000 range, while support lies at Rs 1,43,500-1,43,000. A sustained move above the resistance zone could strengthen the recovery.
For MCX Silver, immediate resistance is placed at Rs 2,26,000-2,26,500 per kg, followed by Rs 2,28,000-2,28,500, while support is seen in the Rs 2,23,000-2,22,300 range. Analysts said prices need to hold above current levels and reclaim the immediate resistance zone to gather further upside momentum.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.

On the MCX, gold futures were trading at Rs 1,44,173 per 10 grams, up Rs 1,067, while silver futures were  trading at Rs 2,24,844, up Rs 2,706 per kg

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Gold futures for August delivery were trading at Rs 1,44,173 per 10 grams, up Rs 1,067 or 0.75 per cent on MCX. Silver futures for September delivery were trading at Rs 2,24,844, up Rs 2,706 or 1.22 per cent

Gold, silver futures gain up to 1 per cent on weaker dollar, easing crude oil prices

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