Gold

Gold prices dipped to a fresh six-month low on Wednesday as the U.S. dollar strengthened, making bullion more expensive for buyers using other currencies.

Spot gold declined 0.3 percent at $1,255.17 per ounce, after hitting its lowest since mid-December at $1,252.04. U.S. gold futures for August delivery settled down $3.80, or 0.3 percent, at $1,256.10 per ounce.

Gold prices have shed more than 3 percent this month - the biggest monthly loss since September - driven by a dollar rally, a large decline in gold held by exchange-traded funds and a sharp fall in speculative bets.

Technical indicators suggest gold will continue to fall, with support at the psychologically-important level of $1,250 then at $1,236.60, gold's December low.

Silver

Silver fell 0.5 percent at $16.17 an ounce. We maintain our view that silver will continue to soften. On chart, downside risk lingers in the near term as the 10-day moving average has crossed below the 20-day moving average. The next support can be found at the psychological support of $16.
 

Dealing Room, ICBC Beijing Branch
                       Huang Han