MCX Gold December futures traded 0.34 per cent lower at ₹1,22,789 per 10 grams around 9:15 am. MCX Silver December futures traded 0.75 per cent lower at ₹1,48,738 per kg at that time.

One popular place to buy precious metals is Costco, which reportedly sells over $200 million a month. Though the markup is low, these high-value items help the company show strong e-commerce growth. As gold prices hit record highs, demand for the precious metal is running hot at Costco.

Despite the mild decline, gold has seen over 50 per cent increase in domestic spot prices this year, driven by global economic uncertainties, geopolitical tensions, and a weakening dollar. , Personal Finance,

TD Securities' Daniel Ghalil thinks the squeeze in silver prices is reaching a high point and market dislocations have become so drastic that they may "self-resolve" in the coming weeks.