Gold and silver prices tumbled on Monday, led by a nearly 10 percent drop in spot silver prices, as investors liquidated their positions on fears of an impending recession.

Spot gold fell more than 3 percent to $1,604.29 an ounce, wiping off gains over the past two months.

U.S. gold dropped 2 percent to $1,607.2, tracking the weakness in spot prices.

U.S. silver shed 6.6 percent to $28.10.