Gold at $4,338 and silver at $70.66 face key resistance levels for further gains

Spot gold rose nearly 3% to $4,338 an ounce on Monday, while spot silver gained about 4% to $70.66 an ounce. Kotak Securities said gold needs to hold above $4,386.1 to open more upside, and silver must break the key resistance at $72.06. MCX gold and silver futures in India are also approaching comparable technical thresholds. Support has come from a softer U.S. dollar, lower crude oil prices and easing expectations for further tightening, according to Kotak Securities.