Gold futures fell to a six-week low approaching $1,200 an ounce on speculation that Chinese demand will fall during the Lunar New Year holiday. Silver tumbled, and platinum dropped to the cheapest in more than five years.
Volume in the Shanghai Gold Exchange™s benchmark spot contract dropped to the lowest in a year. Markets in China, the world™s second-biggest buyer, will be closed for five sessions starting Wednesday. Investors assessed the risks from a breakdown in talks between Greece and its creditors as U.S. equities traded close to a record high.
Gold futures for April delivery fell 1.5 percent to settle at $1,208.60 at 1:54 p.m. on the Comex in New York. Earlier, the price touched $1,203.30, the lowest for a most-active contract since Jan. 6. Floor trading was closed on Monday for the U.S. Presidents™ Day holiday.