Precious metals retreat on positive US manufacturing data.

Gold and silver prices fell in midday US trading on Monday after better-than-expected US economic data and positive remarks from JP Morgan chief Jamie Dimon. The US ISM April manufacturing purchasing managers index and US construction spending reports came in better than market expectations, while Dimon said the US banking sector is now very healthy. The Federal Reserve's Open Market Committee meeting begins on Tuesday and ends on Wednesday afternoon, with the FOMC expected to raise the key US interest rate by 0.25%.