Gold and Silver Prices Surge Amid Lower Crude Oil and Weaker Dollar

Gold and silver prices surged on Monday after a combination of lower crude oil prices and a weaker US dollar triggered renewed demand for precious metals. The MCX gold futures were trading at Rs 1,44,130 per 10 grams, up Rs 1,024 or 0.72%, while the MCX Silver futures jumped Rs 2,525, or 1.14%, to Rs 2,24,663 per kg.

The rally comes after a recent decline that prompted some investors to stay on the sidelines, but Monday's rebound has shifted attention back to whether bullion is preparing for another leg higher. Tim Waterer, Chief Market Analyst at KCM Trade, said gold is a clear beneficiary of the dual price action in oil and the US dollar.

Markets are positioning themselves ahead of the US Federal Reserve's policy meeting later this week, with investors closely watching its commentary for clues on the future rate path. A dovish signal could further support gold and silver, while a hawkish stance may cap gains.