At 12 pm, gold futures with 5 April delivery are trading 0.13 per cent lower at 63,478 per 10g. Silver prices, on the other hand, are trading 0.32 per cent lower at 72,050 per kg.

According to the GoodReturns website, the price of 24-carat gold dropped Rs 10 to 64,080 for 10 grams in early trade on Monday.

Spot gold prices lingered close to a two-month high on Monday after softer US economic readings cemented prospects of an interest rate cut in June by the Fed.

Spot gold edged 0.1 per cent lower to $2,081.11 per ounce, as of 04:00 GMT, but hovered near $2088.19, a level seen on Friday when the contract hit its highest since Dec. 28. US gold futures fell 0.3 per cent to $2,090.00.

“The key drivers for gold is what’s going to happen on the interest rate front – and we saw a move higher in gold on Friday because a series of macro releases out of the US moved the narrative towards the Fed possibly decreasing rates sooner than expected,” Marex analyst Edward Meir said to Reuters. Gold prices had risen about $50 last week.

Spot platinum fell 0.7 per cent to $884.35 per ounce, and palladium rose 0.1 per cent to $956.53. Both metals have fallen more than 10 per cent so far this year. Spot silver fell 0.4 per cent to $23.06.

-With inputs from Reuters