Gold, Silver Rise Up to 1% on Weaker Dollar

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 $4,100 per ounce, while silver rose nearly 1 per cent to around $59 per ounce.

According to market experts, gold rebounded from a nine-month low as the sharp decline in crude oil prices 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.