Gold And Silver Prices Today: Bullion Gains On Weaker US Dollar

Gold and silver prices traded higher on Monday, supported by value buying after the US dollar weakened slightly, although rising crude oil prices and expectations of another US Federal Reserve interest rate hike kept investors cautious.

On the Multi Commodity Exchange (MCX), August gold futures climbed as much as 0.52 per cent, or ₹743, to an intraday high of ₹1,41,649 per 10 grams.

The contract later traded at ₹1,41,254, up ₹348 or 0.25 per cent, after touching an intraday low of ₹1,41,081.

September silver futures rose 1.85 per cent, or ₹4,005, to an intraday high of ₹2,20,408 per kg. The metal later traded at ₹2,18,225, up ₹1,822 or 0.84 per cent, after hitting a low of ₹2,17,804 during the session.

In global markets, COMEX gold fell 0.24 per cent to $4,009.30 an ounce, while COMEX silver rose 0.88 per cent to $56.82.

Analysts expect gold to remain supported above ₹1.41 lakh and silver to stay firm above ₹2.20 lakh, helped by a weaker US dollar that boosted bullion demand. They cautioned that crude oil prices above $90 per barrel, fuelled by escalating tensions in the Middle East, have heightened inflation concerns and strengthened expectations of another US Federal Reserve rate hike later this year.

Investors will now closely monitor global economic data, movements in the US dollar and signals from the Federal Reserve for further direction in precious metal prices, while geopolitical developments and energy markets are expected to continue influencing investor sentiment.

Also Read: Crude Oil Prices Today: Brent Climbs Above $90 On US-Iran Tensions