Gold and silver led losses in precious metals on speculation Chinese demand will fall during the Lunar New Year holiday.

Volumes for the Shanghai Gold Exchange benchmark spot contract dropped about 75 percent from Mondays level to the lowest in more than a year, data from the bourse show. China, the second-biggest bullion buyer after India, will close markets for five days starting Wednesday.

Gold for April delivery lost as much as 0.7 percent to $1,218.30 an ounce and traded at $1,220.10 by 8:12 a.m. on the Comex in New York. Silver for March delivery fell as much as 3.7 percent, the most this month, to $16.655 an ounce.

Bullion has risen 3.1 percent in 2015 as investors sought a haven from slowing global economic growth and political turmoil over Greeces bailout. The country is moving closer to a euro exit after the currency region™s finance ministers said there will be no more talks on financial support unless the Greek government requests an extension of its existing bailout program.

Source: Bloomberg