Gold, silver suffer with further falls feared
Gold edged lower on Tuesday amid signs of weak physical demand out of India.
The metal ended US$2.45 lower at US$1,262.80/oz, its lowest close since April 28, with silver dipping to a two-week low of US$17.04/oz, down 29 cents.
Gold fell on Monday (May 9) as investors cashed in on recent gains.
"Even further inflows into the gold ETFs [exchange traded funds] were unable to halt the price slide," Commerzbank said, with subdued physical demand in India in April continuing in May.
Indian purchases around the Hindu festival of Akshaya Tritiya were down around a third this year, while reduced crops due to drought have also caused farmers to exercise restraint when buying the metal, the bank added.
Gold's recent declines could be the beginning of a bigger drop, according to Marex Spectron, a view shared by FastMarkets' William Adams.
"Gold prices are correcting - the stronger [US] dollar and a general pullback in commodities may be the catalysts for the correction," Adams said. "The danger is that, with such a large long fund position, profit-taking leads to a rapid sell-off/downward spike."
The buck gained slightly, trading around 87.7 euro cents.
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