Precious metals extended their retreat for a second consecutive week as a firmer U.S. dollar and fading expectations of near-term interest-rate cuts from the Federal Reserve weighed on investor appetite for bullion.

In India, gold futures on the Multi Commodity Exchange settled below the ₹1.60-lakh mark per 10 grams at the close of trading on March 14,  silver futures declined about 1% for the day, reflecting persistent selling pressure across the metals complex.

Global markets echoed the weakness. Spot gold slipped more than 1%, struggling to hold above $5,050 an ounce, while spot silver tumbled roughly 4% to trade near $80.50 an ounce.

The pullback comes as the strengthening dollar reduces the appeal of dollar-denominated commodities. At the same time, investors are recalibrating expectations that the Federal Reserve will move quickly to ease monetary policy, diminishing one of the key catalysts that had propelled bullion prices higher earlier this year.

Together, the firmer currency and shifting rate outlook have triggered broad profit-taking in precious metals, pushing both gold and silver to their second straight weekly decline.