However, trading in spot and futures markets for iron ore and steel has thinned ahead of China's week-long Spring Festival holiday beginning on Thursday.
The buzz that started last Thursday saw silver dealers scramble to find supplies for retail buyers, and the amount of silver traded in the London market surged to 1.006 billion ounces on Monday.
"Heightened inflation expectations due to the US fiscal stimulus package have seen gold pick up as an inflation hedge," said Howie Lee, an economist at OCBC Bank.
But gold's losses were limited by hopes of further US fiscal stimulus, with Reuters reporting that a $908 billion relief plan will be split in two in an effort to win approval and could be introduced as early as Monday.