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Gold and silver prices declined on Monday after posting their first weekly loss since mid-August, as hopes of a trade deal between the US and China reduced demand for safe-haven assets. Gold has corrected about 9% from its high on October 17 while silver has corrected over 14% from the October 17 high.

The fall also came after a sharp rally in gold prices in recent weeks, which analysts said had gone “too far, too fast.”

At the time of writing this report on Monday evening, gold futures were trading at $3,995.3, down 3.44%. It is for first time since October 8 that the yellow metal was trading below psychological level of $4,000 per ounce. In Indian market, gold futures were quoting at Rs 120,249, down Rs 3,202 or 2.59%. Silver futures were trading at $46.25, down $2.36 or 4.

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