Gold dipped below $2,000 and silver fell below $24.00 on Tuesday.
Coin News reported:
Precious metals declined on Tuesday, giving back more than their gains from Monday. Additionally, gold and silver reached 2- and 7-week lows, respectively.
Gold for June delivery declined by $29.70, or 1.5%, to settle at $1,993 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since May 1.
"Weaker economic data coming out of China has prompted increased concerns about consumer and commercial demand for precious metals. Meantime, bearish outside market forces on this day are working against the metals markets — firmer U.S. dollar index, weaker crude oil and rising U.S. Treasury yields," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,989.10 and $2,022.70, after edging up by 0.1% on Monday.
Meanwhile, silver for July delivery sank 39.8 cents, or 1.6%, closing at $23.893 an ounce, marking its lowest settlement since March 29. Silver futures traded between $23.80 and $24.28 after increasing by 0.6% on Monday.
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