Gold prices today: Yellow metal gains as dollar eases

Domestic gold prices were up on Monday as a softer dollar and prospects of slower interest rate hikes by the US Federal Reserve boosted bullion's appeal. On the Multi Commodity Exchange (MCX), gold prices were up by Rs 91 to Rs 56,749 per 10 grams. Meanwhile, Silver gained around Rs 110 to Rs 68655 per kg around 1 pm on Monday.

Globally, Spot gold was up 0.3 percent at $1,932.12 per ounce, as of 0255 GMT.

The dollar index slipped 0.3 percent, making greenback-priced bullion attractive for buyers holding other currencies. Around 2 pm, the US Dollar Index Futures were down by 0.3 percent to 101.465.

With this, the rupee rose to below 81-mark vs dollar on Monday, for the first time since December 1, amid ease in global crude oil benchmarks.

Crude oil prices edged lower on Monday thinned by the Lunar New Year holiday in east Asia. The benchmarks, however, held on to most of last week's gains on the prospect of an economic recovery in China this year. Brent crude futures were trading 0.6 percent lower at $87.2 per barrel at the last count. WTI futures, too, were trading 0.5 percent lower at $81.3 per barrel at the last count.

Besides, Indian equity benchmarks BSE Sensex and NSE Nifty50 opened higher on the first trading day of the week tracing positive cues from global markets.