Gold fell in New York as some investors may hold back purchases after prices rallied the most since August.

Economist Dennis Gartman said he will add to his gold holdings if prices fall $5 to $10 an ounce after rallying on June 1. Prices climbed $57.90, or 3.7 percent, at the end of last week after the U.S. jobs report showed rising unemployment, fueling expectations that the Federal Reserve will take more steps to spur growth.

“More monetary stimulus from around the world including China, the European Central Bank and the Fed will be crucial to keep investors positive to gold,” said Bayram Dincer, an analyst at LGT Capital Management in Pfaeffikon, Switzerland.

Gold futures for August delivery dropped 0.2 percent to $1,618.20 an ounce at 8:24 a.m. on the Comex in New York. Prices have declined for four months in a row.

Shipments in April from Hong Kong to mainland China rose 65 percent to 103,644.5 kilograms (103.6 metric tons), compared ith March, data from the Census and Statistics Department of the Hong Kong government showed today. The central bank may be boosting holdings, said Wang Xinyou, senior analyst at Agricultural Bank of China Ltd.

“We have both Chinese private investors and the possibility of central bank buying,” Dincer said. “The Chinese are very price sensitive, and you have to consider this recent drop in gold prices as triggering the buying spree as gold was considered very cheap.”

Silver futures were down 0.3 percent at $28.425 an ounce.