New york: Gold extended falls on Monday, pressured by a firm dollar, as investors gauged US President Donald Trump's Fed chair pick Kevin Warsh's approach to interest rate cuts. Spot gold was down 1.5% at $4,793.97 per ounce, after touching a more than one-week low on Friday.

According to Qatar News Agency, bullion had scaled a record high of $5,594.82 on Thursday. However, the recent developments around the Federal Reserve's leadership and the dollar's strength have contributed to the decline in gold prices. In contrast, US gold futures for February delivery climbed 1.6% to $4,818.10 per ounce, reflecting some investor interest in future contracts.

Meanwhile, spot silver rose 1.6% to $85.98 an ounce, after hitting a record high of $121.64 on Thursday. The precious metals market showed a mixed response, with spot platinum losing 2% to $2,120.05 per ounce after reaching a record $2,918.80 on January 26, while palladium shed 0.9% to $1,682.59.