Domestic gold prices plunged 0.23 percent on Monday to an intraday low of Rs 50,413 per 10 grams. MCX gold futures fell by Rs 116.00 amid choppy trade. Meanwhile, silver prices gained 0.32 percent, touching Rs 55,225.

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Globally, gold prices were hovering at $1,714 an ounce after hitting a low of $1,690 last week.

This came as US Dollar Index Futures stood at 108.555, seeing a drop of around 0.16 percent as of 10:22 am on Monday. In the initial trade, the dollar index was at 108.820, having reached as high as 110.790 last week. According to Reuters, dollar was restrained by the risk of higher European interest rates and Japanese intervention.

Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart, said that at MCX, gold is having support at Rs 50,340-Rs 50,150 and resistance at Rs 50,680-Rs 50,850. "We suggest buying gold on dips around Rs 50,350 with a stop loss of Rs 50,150 for the target of Rs 50,800 and silver around Rs 54,700 with a stop loss of Rs 54,100 for the target of 56000, he said.

Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities Ltd, said, “USDINR spot closed 13 paise lower at 79.58, as FPI flows and softer dollar index aided rupee appreciation. Over the next week, we could see rupee with a positive bias due to lower oil prices. We expect a range of 79.25 and 79.80 on spot."

Indian equity benchmarks BSE Sensex and NSE Nifty50 rose on Monday amid positive moves across global markets. Broader indices Nifty Midcap 100 and Nifty Smallcap 100 also strengthened, rising around one percent each in morning deals. Investors awaited data on consumer inflation and factory output in the country due later in the day for cues.

Equities in other Asian markets were also in the green on Monday, following a rally on Wall Street, with MSCI's broadest index of Asia Pacific shares outside Japan up 0.4 percent.

Meanwhile, the rupee fell by five paise from its previous close to 79.63 against the US dollar on Monday, holding fort about 50 paise above a record low hit last month. Easing crude oil rates and a weakening dollar overseas supported the rupee.

(With inputs from Reuters)

(Edited by : Akriti Anand)