Gold and silver prices came under pressure on Monday, June 29, with both domestic and international markets witnessing a noticeable decline. The weakness was reflected on India's Multi Commodity Exchange (MCX), where futures for both precious metals dropped by more than 1%, while global bullion prices also slipped amid a stronger US dollar and expectations surrounding future interest rate decisions by the US Federal Reserve.

Market participants are now closely monitoring upcoming economic data and comments from Federal Reserve officials, which are expected to provide fresh direction to bullion prices in the coming weeks.

Precious Metals Extend Losses

Both gold and silver traded lower as investors reacted to changing global macroeconomic conditions. Analysts say stronger demand for the US dollar, rising Treasury yields and easing geopolitical concerns have reduced the appeal of precious metals, which do not generate interest income.

Although gold is traditionally viewed as a safe-haven asset during periods of uncertainty, improving market sentiment has prompted investors to reduce exposure to bullion in favor of higher-yielding assets.

International Gold Prices Move Lower

In the international bullion market, spot gold declined by around 0.6% to $4,062.89 per ounce.

US gold futures for August delivery also weakened, falling approximately 0.5% to $4,077.50 per ounce.

The decline comes as investors continue to assess the outlook for US monetary policy. Expectations that interest rates could remain elevated for longer have strengthened the US dollar, making gold more expensive for buyers using other currencies.

Silver Records Sharper Decline

Silver experienced even steeper losses than gold in overseas markets.

Spot silver prices dropped about 1.2%, trading near $58.47 per ounce during the session.

Meanwhile, platinum remained comparatively stable, trading around $1,617.15 per ounce with only