COMEX gold and silver futures drifted lower amid subdued volumes on Monday morning in Asia due to market holidays in the US and China. The metals gained impressive ground on Friday following softer January Consumer Price Index (CPI) figures, which reinforced expectations that the Federal Reserve (Fed) could cut rates later this year. The US Consumer Price Index rose 2.4% year-over-year (YoY) in January, slowing from 2.7% in December and coming in below the 2.5% forecast. On a monthly basis, consumer inflation moderated to 0.2%, down from 0.3% previously and under market expectations of 0.3%. Meanwhile, investors closely watch renewed nuclear negotiations between the US and Iran, along with US-led efforts to end the war in Ukraine, both set to resume on Tuesday. Currently, the counter is quoting under $5K mark.