Gold and silver prices witnessed sharp losses on Monday, tracking declines in global bullion markets amid fading hopes of a US Federal Reserve rate cut and rising inflation concerns. 

On the Multi Commodity Exchange (MCX), gold contracts for June 5 delivery opened 0.27 per cent lower at Rs 1,46,850 per 10 grams, as against the previous close of Rs 1,47,255. The yellow metal declined sharply during the session, falling as much as Rs 3,043, or 2.06 per cent, to hit an intra-day low of Rs 1,44,212 per 10 grams.