India's Gold, Silver Prices Surge on Weaker Dollar and Easing Inflation Fears

Gold and silver prices rose on Monday in India, driven by a weaker US dollar and easing inflation concerns. The precious metals gained up to 1% as crude oil prices plummeted following the suspension of hostilities between the United States and Iran.

The Multi Commodity Exchange (MCX) saw gold futures (August) open at Rs 143,575 per 10 grams, compared to the previous close of Rs 143,106. By 12:10 pm, gold was trading at Rs 144,173 per 10 grams, up Rs 1,067 or 0.75%.

Silver futures (September) also rose, with the white metal increasing as much as 1.26% to touch an intraday high of Rs 224,955 per kg. At the last count, it was trading at Rs 224,844, up Rs 2,706 or 1.22%.

International spot gold gained about 1% to trade near $4,100 per ounce, while silver rose nearly 1% to around $59 per ounce. Market experts attributed the rebound in gold to the sharp decline in crude oil prices easing inflation concerns after the US and Iran paused military operations.