Gold fell 1 percent on Monday for its biggest one-day loss in over a month, succumbing to selling that hit most commodities on worries over economic growth and a European debt crisis. Safe-haven buying was absent for precious metals despite a downgrade of Greece's credit rating. Silver tumbled over 4 percent, marking its biggest two-day drop in a month.
Spot gold was down 1.1 percent at $1,514.05 an ounce by 3:07 pm EDT (1906 GMT), its biggest one-day drop in five weeks. It hit a session low of $1,511.11, its weakest since May 23. US August contract settled down $13.60 at $1,515.60 an ounce, after trading in a range between $1,511.40 and $1,533.90 an ounce.
Volume was around 110,000 lots, about half of its 30-day average, consistent with below-average turnover in recent weeks. Bullion extended losses from Friday when it came under pressure as the dollar rallied and Wall Street resumed its slide following weaker Chinese trade data. Spot silver fell 3.9 percent to $34.71 an ounce. Among platinum group metals, platinum was down 1.4 percent at $1,799 and palladium fell 1.9 percent to $794.25.
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