Gold climbed toward the $4,600 per ounce mark, while silver futures surged nearly 4% to around $79 per ounce on Monday, recovering last week's losses as easing geopolitical tensions and a softer US dollar lifted sentiment across precious metals markets. Optimism surrounding a potential US-Iran agreement reduced concerns over prolonged inflationary pressures and aggressive monetary tightening, prompting the dollar index to retreat below the 99 level from recent six-week highs. Silver notably outperformed gold, supported by its dual appeal as both a monetary and industrial asset, while lower crude oil prices and improving global risk sentiment further amplified buying interest. In domestic markets, MCX Gold June futures rose 0.3% to Rs 159,130 per 10 grams, whereas Silver futures advanced nearly 2% to Rs 275,215 per kilogram. Investors now await the upcoming US PCE inflation data for further clarity on the Federal Reserve's policy trajectory, while trading volumes are expected to remain subdued due to the US market holiday.
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