New Delhi, Feb. 16 -- Gold and silver prices retreated on Monday, February 16, amid mild profit booking after softer US inflation data had earlier driven the precious metal back above the $5,000-per-ounce mark.

Spot gold prices were down nearly 0.27% at $5,033 per ounce, while spot silver prices fell over 2.08% to $76.34 per ounce during the Asian trading hours on Monday.

The US Consumer Price Index rose by 0.2% in January, easing fears of a sharper increase and strengthening expectations that the Federal Reserve may cut interest rates. Lower borrowing costs generally support non-yielding assets such as precious metals.

Gold had climbed to a record high above $5,600 in late January, driven by a surge in speculative buying that pushed t...