Gold and silver prices opened higher on the Multi Commodity Exchange (MCX) on Monday, snapping a two-day fall, as oil prices eased following signs of progress in the U.S.-Iran peace talks. However, expectations of higher U.S. interest rates after hawkish signals from the Federal Reserve continued to weigh on the precious metal's outlook. In the domestic market, MCX silver futures for July 2026 delivery were down Rs 3,921 (1.6%) to Rs 2,37,106 per kg. Gold futures for August 2026 delivery rose by Rs 784 to Rs 1,47,987 per 10 grams. In the previous session, the two witnessed a massive selloff with silver plunging over 2% and gold 1.40%.Higher oil prices tend to fuel inflation concerns and strengthen expectations of tighter monetary policy. Gold generally becomes less attractive in a high-interest-rate environment because it does not offer any yield.Among the Fed's 19 policymakers, nine expect policy rates to be raised this year. According to the CME FedWatch Tool, traders now see an 89% probability of a rate hike in December, up from 61% before the Fed's latest policy meeting.In the international market, spot gold rose 0.9% to $4,197.41 per ounce after touching its lowest level since June 11 on Friday. U.S. gold futures for August delivery, however, were down 0.7% at $4,215.90. Among other precious metals, spot silver gained 1.8% to $66.10 per ounce, platinum edged up 0.2% to $1,667.97, and palladium rose 1% to $1,270.41.How should you trade gold?According to Manoj Kumar Jain of Prithvi Finmart, MCX gold is supported at Rs 1,46,100-Rs 1,44,400 and faces resistance at Rs 1,48,800-Rs 1,50,000. Silver has support at Rs 2,30,000-Rs 2,26,600, while resistance is seen at Rs 2,37,000-Rs 2,41,000.Jain said a buy-on-dips strategy remains favourable for both gold and silver as long as gold holds above Rs 1,44,000 on a closing basis and silver stays above Rs 2,24,000. He expects a dead-cat bounce in gold towards Rs 1,50,000-Rs 1,51,100 and in silver towards Rs 2,41,000-Rs 2,44,000 during the week.Gold rates in physical marketsGold Price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 1,07,232/8 grams while pure gold (24 carat) prices stand at Rs 1,16,976/8 grams.Gold Price today in MumbaiStandard gold (22 carat) prices in Mumbai stand at Rs 1,07,112/8 grams while pure gold (24 carat) prices stand at Rs 1,16,856/8 grams.Gold Price today in ChennaiStandard gold (22 carat) prices in Chennai stand at Rs 1,08,792/8 grams while pure gold (24carat) prices stand at Rs 1,18,688/8 grams. Gold Price today in HyderabadStandard gold (22 carat) prices in Hyderabad stand at Rs 1,07,112/8 grams while pure gold (24 carat) prices stand at Rs 1,16,856/8 grams.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)