Mumbai, Nov 17 (NationPress) The prices of gold and silver saw a decline in the domestic futures market this Monday morning, influenced by a stronger US dollar and weak global cues.

During early trading, MCX Gold futures for December were down by 0.21 percent, priced at Rs 1,23,300 per 10 grams.

Similarly, silver prices decreased, with MCX Silver contracts for December dropping 0.38 percent to Rs 1,55,424 per kg.

Market analysts have indicated that gold has support levels between $4035-$4000 and resistance levels of $4115-$4140. For silver, support is found at $50.30-$49.85, while resistance lies at $51.25-$51.50.

In Indian Rupee terms, gold's support is at Rs 1,22,950-$1,22,380 and resistance at Rs 1,24,950-$1,25,500. Silver holds support at Rs 1,53,850-$1,52,500 and resistance at Rs 1,56,740-$1,57,880.

The dollar index rose by 0.14 percent, exerting downward pressure on gold demand. As gold is traded in dollars, a stronger US currency makes it more expensive for international buyers, which typically dampens demand.

Investors are keenly awaiting crucial US economic data this week, particularly the September nonfarm payrolls report set for Thursday.

These figures are expected to clarify the health of the US economy and inform expectations regarding the Federal Reserve's monetary policy in December.

The recent US government shutdown has postponed the release of several economic reports.

Nonetheless, reports indicate that the Commerce Department's Bureau of Economic Analysis is preparing to revise its schedule for forthcoming data releases.

Last week, gold and silver prices experienced considerable volatility, slipping from recent highs in the last two days due to hawkish comments from the Fed that dampened investor sentiment.

Market observers noted, 'The metals softened as investors braced for a week filled with delayed US economic data. The upcoming non-farm payrolls report is anticipated to provide vital insights into the Federal Reserve's policy trajectory.'

'Following hawkish signals from the Fed, expectations for a December rate cut have dropped to 46 percent. Despite short-term fluctuations, both precious metals remain poised for their strongest annual performance in decades,' they added.

Experts indicate that robust central bank purchases and ongoing safe-haven interest amidst fiscal and geopolitical uncertainties continue to drive the momentum for bullion.