Domestic Gold prices gained on Monday as a softer dollar rekindled some of bullion's appeal for overseas buyers. Meanwhile, the rupee depreciated by as much as 28 paise against the US dollar amid a surge in the global oil benchmark.

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On MCX, gold rates rose 0.07 percent, touching an intraday high of around Rs 50,130 per 10 gram at 1:38 pm. Meanwhile Silver prices were up 1.44 percent, at nearly Rs 57,680.

Also, fresh positions built up by participants led to the rise in gold prices, analysts were quoted by PTI as saying. Globally, gold was trading 0.19 percent higher at USD 1,675.10 per ounce in New York in early trade.

At the time of writing this report, US Dollar Index Futures was down 0.04 percent at 112.043.

Crude oil prices surged ahead of Organization of the Petroleum Exporting Countries (OPEC) meeting scheduled on October 5. Brent crude futures jumped 3.3 percent to almost $88 a barrel and West Texas Intermediate futures surged 3.4 percent to $82.2 a barrel.

This came days after the Reserve Bank of India (RBI) governor Shaktikanta Das announced a hike of 50 basis points in the repo rate.

Ajay Kedia, Director at Kedia Advisory, said, "Gold is getting support at Rs 50,041 and below same could see a test of Rs 49,889 levels, and resistance is now likely to be seen at Rs 50,455, a move above could see prices testing Rs 50,717."