Gold futures weaken; silver drops more than 2%

Gold futures settle lower on Monday, but silver took a bigger hit amid concerns over a slowdown in China’s economic growth.

Gold for June delivery on Comex GCM5, +0.18%  fell $9.40, or 0.8%, to settle at $1,193.70 an ounce on Comex. That was its biggest one-day point loss since April 9.

But silver was pressured by concerns over a slowdown in China’s economic growth. Silver is widely used as an industrial material and that makes it somewhat sensitive to changes in economic conditions in countries such as China, said Fawad Razaqzada, technical analyst at FOREX.com.

May silver SIK5, +0.48%  sank 34 cents, or 2.1%, to settle at $15.889 an ounce. That was the lowest settlement since mid-March.

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