Gold fell on Monday, dropping with equity markets after China cut its economic growth targets, and the precious metal could pull back further if it fails to hold key support after last week's sharp sell-off. Spot gold was down 0.5 percent at $1,703.79 an ounce by 2:35 pm EST (1935 GMT).
Gold has held its 200 day moving average, currently at $1,675 an ounce, since mid-January. Should it slip below that level, analysts said the metal could test $1,650, an area of support from its previous tumble in January. US gold futures for April delivery settled down $5.90 an ounce at $1,703.90.
Trading volume was decent but 20 percent below its 30-day average, preliminary Reuters data showed, in line with turnover in gold's previous session. Silver lost 2 percent at $33.75 an ounce. It fell 2.5 percent last week. Platinum was down 2.2 percent at $1,656.24 an ounce, while palladium gained 0.2 percent to $701.72 an ounce.-
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