Analysts: Gold and silver are in overbought territory, and prices will face further corrective pressure.

"Gold and silver prices retreated from record highs on Monday as traders took profits after the record rally," said Saumil Gandhi, senior commodities analyst at HDFC Securities. Gandhi further noted that both gold and silver are in overbought territory on higher timeframes, a cautious sign that a healthy pullback is needed before the rally continues. He added, "We expect gold prices to face further corrective pressure as investors adjust and rebalance positions at the end of the month and year."