Domestic gold prices extended gains on Monday following global benchmarks as news of some Western nations planning to officially ban imports of the metal from Russia for its invasion of Ukraine sparked some interest in bullion.

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MCX gold August futures rose by as much as 0.4 percent to touch the intraday high of Rs 50,821 per 10 grams as of 09:57 am. Silver followed suit, with the white metal's July futures rising 0.8 percent to Rs 60,193 per kilogram.

Gold prices might show volatility amid important events like G7 summit, US Q1 GDP numbers and OPEC meeting, according to Ravi Singh, vice President and head of Research, Share India.

Singh suggests buying gold above Rs 50,750 for a target of Rs 51,000 and sell below Rs 50,500 for a target of Rs 50,300".

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"Gold may remain in range amid warring factors however Fed’s tightening expectations may keep pressure on prices,” said Ravindra Rao, VP-Head Commodity Research at Kotak Securities.

Global oil benchmarks slipped amid global economic concerns before rising slightly later in the trade.

Global equity benchmarks gained on Monday. Indian equity indices made a gap up start on Monday amid positive trend in global equities. The rupee opened at 78.23 against the US dollar after settling at 78.35 in the previous session.

The dollar Index — which gauges strength in the greenback against six peers — was 0.2 percent down at 103.7.

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