Gold and silver prices retreated from record highs in the national capital on Tuesday, with the yellow metal plunging by Rs 550 per 10 grams due to profit-taking and weak global trends.

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According to HDFC Securities, gold prices were impacted by hawkish comments from one of the US Fed Reserve members, who suggested that interest rates will need to continue at current levels for a longer period to bring inflation back to target.

Gold prices declined by Rs 550 to Rs 74,650 per 10 grams.

It had settled at Rs 75,200 per 10 grams in the previous session.

Silver prices also declined Rs 1,600 to Rs 94,500 per kg.

In the previous session, it had settled at Rs 96,100 per kg.

"Spot gold prices (24 carats) in the Delhi markets were trading at Rs 74,650 per 10 grams, down by Rs 550 against the previous close," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

In the international markets, spot gold at Comex was trading at USD 2,420 per ounce, down USD 22 from the previous close.

Silver was quoting lower at USD 31.60 per ounce.

"Gold is trading slightly lower on profit-booking, after hitting an all-time high in early trades.

"The underlying momentum remains positive amid rising bets for an early rate cut by the Federal Reserve after the incoming data has shown signs of a slowdown in economic activity as well as cooling inflation," Pranav Mer, VP - Research (Commodity & Currency) at BlinkX and JM Financial Services, said.

According to experts, traders will closely monitor the Federal Open Market Committee (FOMC) meeting minutes set to be released on Wednesday, along with comments from various Fed officials, which will provide more insights on the Fed's monetary policy outlook.