Gold and silver prices slipped sharply in Monday’s futures trade, mirroring weakness in global bullion markets as optimism over a potential US-China trade agreement and a stronger dollar reduced demand for safe-haven assets.

On the Multi Commodity Exchange (MCX), December gold futures fell Rs 1,546, or 1.25%, to Rs 1,21,905 per 10 grams with a business turnover of 12,428 lots.

The precious metal had already declined Rs 3,557, or 2.80%, during the holiday-shortened previous week.