Gold and silver prices advanced sharply in Monday's electronic session, with gold futures rising nearly 1% toward the $4,100 per ounce mark and silver futures climbing 2% to around $60 per ounce. The rally was supported by a sharp decline in oil prices, a weaker US dollar, and easing expectations of near-term US interest rate hikes ahead of this week's Federal Reserve policy meeting. Oil prices plunged more than 6% after the United States and Iran refrained from fresh military strikes over the weekend, reducing concerns over prolonged supply disruptions in the Middle East. The US dollar index slipped below 101, making gold and silver more attractive for overseas buyers. Investors are now awaiting key US economic releases, including advance second-quarter GDP, the PCE inflation report, and earnings from major US companies, for further direction on the economy and the Federal Reserve's policy path. In the domestic market, MCX August gold futures gained 0.5% to Rs 143,824 per 10 grams, while September silver futures rose 0.8% to Rs 223,946 per kg.
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