Gold fell below $5,000 on Tuesday, dropping $109.30 to $4,936 an ounce, while silver plunged 5.2% to $73.92 amid the start of China’s Lunar New Year holiday.

The absence of Asian buyers, particularly from China, removed key support for precious metals, contributing to the sharp declines, analysts said.

Other metals also tumbled, with copper down 2.3% and platinum slipping 4.2% as investor momentum slowed.

A slightly stronger dollar added pressure, though gold’s long-term drivers, including central bank buying and high sovereign debt, remain intact, Market Watch has reported.

Analysts noted that silver’s volatility could lead to a retest of $70, or attract dip buyers once U.S. markets reopen.