Gold Falls, Merkel Defends Leadership After Election Setback

On Monday, international gold and silver prices closed lower. On the New York Mercantile Exchange, gold futures for December delivery dropped 0.93 percent to settle at $4,383.90 per ounce, while silver futures for December delivery lost 1.09 percent to close at $66.415 per ounce.

German Chancellor Friedrich Merz called his party's state election defeat in Mecklenburg-Vorpommern a 'heavy blow.' The Christian Democratic Union (CDU) secured only 4.9 percent of the vote, failing to enter the state parliament for the first time.

Merkel emphasized that there had been 'no personnel debate' regarding his leadership and dismissed allegations of an internal rebellion.