New Delhi, Feb. 2 -- Gold and silver prices continued their downward trajectory on Monday, February 2, tracking weakness in global bullion markets as risk-off sentiment prevailed amid a stronger U.S. dollar. Profit-taking by investors also weighed on sentiment.

On Monday, MCX gold prices traded Rs.8,865, or 6%, lower at Rs.1,38,888 per 10 grams, while MCX silver prices tumbled Rs.31,878, or 12%, to Rs.2,33,774 per kg, on February 2.

Today's decline pushed gold prices 24% lower from their record high of Rs.1,80,799 hit on Thursday, January 29. Meanwhile, silver prices have crashed 44% from the peak of Rs.4,20,048.

The trigger for the dramatic selloff in gold and silver prices was the nomination of Kevin Warsh as chair of the Federal Res...