Gold ends lower on technical selling

Gold futures on the COMEX division of the New York Mercantile Exchange futures finished lower on technical selling Tuesday, marking their first decline in four sessions. The most active gold contract for August delivery fell 1.3 dollars, or 0.10 percent, to settle at 1,334.7 dollars per ounce. Market analysts say that market participants are locking in some profits following Monday's surge, which pressures gold trading on the day. Gold August contract jumped 43.1 dollars on Monday, or 3.3 percent, to close at 1,336 dollars an ounce. According to FactSet data, it represented the largest one-day percentage and dollar gain since June 29, 2012. The settlement was also the highest for a most-active contract since June 19 of this year. In addition, reports say that India, the world's largest consumer, added to restrictions on bullion imports. The country has doubled a tax on inbound shipments to 8 percent this year. Analysts believe that gold imports may tumble 63 percent to 175 metric tons in the six months through December from a year earlier, which is a further blow to physical demand for gold. Against this background, silver for September delivery fell 25. 5 cents, or 1.24 percent, to close at 20.254 dollars per ounce.