Gold and silver prices experienced a downturn on Monday, following hawkish comments from officials at the US Federal Reserve, which diminished expectations of an imminent rate cut. The sentiment shift led to a decrease in bullion prices after a strong rally the previous week. On the Multi Commodity Exchange (MCX), gold futures scheduled for December delivery fell by ₹1,229, a decline of 0.99%, settling at ₹1,22,332 per 10 grams. The February 2026 contract also saw a decrease of ₹1,207, or 0.96%, bringing it down to ₹1,24,101 per 10 grams. This comes after gold futures recorded an increase of ₹2,494, or 2.06%, the week before. Similarly, silver futures extended losses for the second consecutive session, with the December contract dropping by ₹1,944, or 1.25%, to ₹1,54,074 per kilogram. The March 2026 contract also fell by ₹1,971, or 1.24%, to ₹1,56,862 per kg. Notably, silver had experienced a significant rally last week, increasing by ₹8,290, or 5.61%. According to analysts, the recent weakening of precious metals was attributed to traders adjusting positions ahead of a week filled with delayed US economic data releases. The upcoming non-farm payrolls report is particularly anticipated for insights into the Fed's policy direction. In the global market, Comex gold futures for December delivery dipped by 0.42%, landing at $4,077.04 per ounce, after a rise of $84.4 (2.10%) in the prior week. Silver also saw a negligible decline, dropping 0.28% to $50.54 per ounce. Investors are preparing for a series of US economic indicators, including the Fed's meeting minutes and important speeches from officials, including Chair Jerome Powell. In various cities across India, gold rates for 24-karat gold have reflected these market trends, showing declines in all major cities compared to the previous day. In Bengaluru, Delhi, Mumbai, Chennai, Kolkata, and Hyderabad, 24K gold prices have decreased by around ₹11, while 22K and 18K gold categories have also seen similar declines. For instance, in Bengaluru, the current price for 24K gold stands at ₹12,497 per gram, and in Delhi, it is slightly higher at ₹12,512 per gram. Meanwhile, the market continues to be influenced by external economic factors as traders and investors adjust their strategies for the week ahead.