PANews reported on December 29th that spot silver fell as much as 8% in highly volatile trading on Monday, while spot gold retreated below $4,400 per ounce. Saumil Gandhi, senior commodities analyst at HDFC Securities, stated, "Gold and silver prices retreated from record highs on Monday as traders took profits after the record rally." Gandhi further noted that both gold and silver are in overbought territory on higher timeframes, a cautious sign indicating a need for a healthy pullback before the rally can continue. 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."