Gold prices started the new week on a positive note and surged by Rs300 per tola on Monday in line with an uptick in the international bullion prices. According to the data collected by different jeweller associations, the price for one tola of 24-karat gold increased to Rs217,100 from Rs216,800. Similarly, the price for 10 grams of 24-karat gold increased to Rs186,128 from Rs185,871, showing an uptick of Rs257. Gold price in the country registered a weekly increase of Rs1,200 (+0.56 percent) last week, after falling by Rs8,000 (-3.58 percent) per tola in the preceding week. On the other hand, as of 1320 hours GMT, gold futures in the international market were available at $2,023 per ounce, showing an increase of $3.10. Out of the $3.10 increase, +$1.75 was due to weakening of the US dollar and +$1.35 was due to predominant buyers, according to the Kitco Gold Index. Gold stayed in a consolidation phase at around $2,020 after having closed the previous week modestly higher. The benchmark 10-year US Treasury bond yield moved sideways below 4 percent to start the week and made it difficult for gold prices to find direction. The Federal Reserve (Fed) last week signaled an end to its monetary policy tightening cycle and penciled in a cumulative of 75 basis points (bps) rate cuts in 2024. This, in turn, kept a lid on the US dollar bounce from over a four-month low touched on Friday and turned out to be a key factor acting as a tailwind for the commodity. Apart from this, geopolitical risks and worries about a deeper economic downturn, particularly in China and the Eurozone, lent additional support to the safe-haven precious metal. From a technical perspective, any subsequent move up is likely to confront stiff resistance near the $2,040, above which the price could aim to retest last week’s swing high, around the $2,049-2,050 region. On the flip side, the $2,015-2,010 horizontal resistance break-point might continue to protect the immediate downside ahead of the $2,000 psychological mark. A convincing break below the latter will make the gold price vulnerable to challenge the 50-day SMA support, currently pegged near the $1,982-1,981 region.