Gold Price Today: Bullion Gains As Falling Crude Oil Lifts Demand

Gold and silver prices traded higher on Monday, rising by up to 1 per cent as a weaker US dollar and easing inflation concerns boosted demand for precious metals after crude oil prices plunged following the suspension of hostilities between the United States and Iran.

On the Multi Commodity Exchange (MCX), August gold futures opened at ₹1,43,575 per 10 grams, compared with the previous close of ₹1,43,106.

During the session, gold climbed ₹1,067, or 0.75 per cent, to ₹1,44,173 per 10 grams, after touching an intraday high of ₹1,44,230.

September silver futures also extended gains. The white metal rose as much as 1.26 per cent to an intraday high of ₹2,24,955 per kg before trading at ₹2,24,844, up ₹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 spot silver advanced nearly 1 per cent to around $59 per ounce.

Market experts said gold rebounded from a nine-month low after falling crude oil prices eased inflation concerns following the pause in military operations between the United States and Iran. Lower oil prices also weakened the US dollar, making bullion more attractive to investors.

The US dollar index slipped to around 101.2, giving up part of last week’s gains as geopolitical tensions eased.

Analysts expect the near-term outlook for precious metals to remain cautiously positive.

Analysts see immediate resistance for MCX Gold at ₹1,45,500-₹1,46,000 and for MCX Silver at ₹2,26,000-₹2,26,500 per kg, with key support near ₹1,43,000 and ₹2,23,000, respectively. They said prices need to hold above current levels and break the immediate resistance zone to sustain further gains.

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