Gold for February deliver GCG4 -0.15% dipped $5.30, or 0.4%, to $1,233.50 an ounce. March silver SIH4 -0.37% lost 13 cents, or 0.7%, to $19.71 an ounce.
There hasn’t been much in the way of economic data to push and pull gold prices, but that could change on Thursday, with weekly jobless claims, the Markit “flash” U.S. PMI, existing home sales and leading indicators all set to be reported. Read: Spotlight on the economy .
A day earlier, gold wilted under the pressure of some bearish bank comments, closing lower for the second-straight day after showing some life last week.
The banks are “basing this on an economic recovery, with interest rates gradually working their way higher throughout 2014, which creates a scenario where gold — a non-performing asset — doesn’t have the allure that it had in this recent cycle,” said Peter Hug of Kitco News.
“I’ve been looking at $1,255 being breached on the upside with some momentum, but it’s just not been able to do it,“ he said, adding that the gold market “feels heavy.”
Elsewhere in metals trading, platinum for April delivery PLJ4 -0.86% sank $11.70, or 0.8%, to $1,450.70 an ounce with South African strikes at platinum mines set for a strike on Thursday.
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