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Commodity Market News: Gold futures (June 5) on Monday rose as much as 2.23 per cent to Rs 94,708 from the previous close of Rs 92,637. The yellow has touched an intraday high of Rs 94,708 from an intraday low of Rs 92,925.

Similarly, silver futures (July 5) gained as much as 0.88 per cent from the previous close of Rs 94,064.

In the international market, gold benchmark rates jumped more than one per cent amid weakness in the US dollar.

Spot gold was last seen trading 2.46 per cent higher at 3,323.20 per ounce, as of 5 pm in India. Last week, the global benchmark registered its worst weekly loss since February. 

Growing uncertainty around the trade war continued to boost the appeal of safe haven investments such as gold.

Investors also awaited a key rate decision by the US central bank due this week for cues. 

Meanwhile, the rupee ended at 84.256 against the US dollar on Monday. 

The dollar index, which measures the greenback against six peers other than the rupee, was last seen trading 

99.64. 

According to analyst Manoj Kumar Jain of Prithvi Finmart, gold and silver prices to remain volatile this week amid volatility in the dollar index and ahead of the U.S. Fed monetary policy meetings; gold prices could test its support level of $3,180 per troy ounce, and silver prices could also test $31.40 per troy ounce levels. 

For gold, Jain has kept support levels at $3233-3210 and resistance at $3280-3300 per troy ounce. While for silver, he recommends a support level at $31.84-31.40 and resistance at $32.50-32.88 per troy ounce in today’s session.

"At MCX, gold is having support at Rs 92,150 - Rs 91,600 and resistance at Rs 93,040 - Rs 93,550, while silver is having support at Rs 93,350 - Rs 92,500 and resistance at Rs 94,800 - Rs 95,500," Jain said.

Jain has suggested selling gold futures around Rs 93,000 - Rs 93,300 with a stop loss at Rs 93,720 for targets of Rs 92,200 - Rs 91,850.

Jateen Trivedi of LKP Securities said that a dovish tone or actual rate cut could push gold higher, while any hawkish surprise might trigger volatility, adding that gold is likely to remain volatile within the Rs 93,000 – Rs 96,000 range in the short term.

Here's a summary of indicative spot rates in different parts of the country: 

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