New Delhi: Gold and silver prices retreated from their record highs in futures trade on Wednesday as traders booked profits at elevated levels, dragging the precious metals lower, while markets digested cautious remarks from US Federal Reserve Chair Jerome Powell on the path of potential interest rate cuts.

On the Multi Commodity Exchange (MCX), gold futures for October delivery dropped Rs 408 or 0.36 per cent, to Rs 1,13,428 per 10 grams as traders pared their holdings after the metal scaled an all-time high of Rs 1,14,179 per 10 grams on Tuesday.

Similarly, the December contract for gold fell Rs 353, or 0.31 per cent, to Rs 1,14,486 per 10 grams after touching a lifetime peak of Rs 1,15,139 per 10 grams.

Silver futures also eased and retreated from their peak, with profit-taking weigh

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