New Delhi, Sept. 1 -- US Federal Reserve Chairman Kevin Warsh dealt a blow to the precious metals market's lofty expectations on Friday, triggering a sharp reversal in gold and silver prices after his speech at the central bankers' gathering in Jackson Hole.

The pressure on precious metals continued into Tuesday as investors weighed the implications of escalating tensions in the Middle East and awaited key US labour market data due later this week.

Spot gold was down 0.4% at $4,428.54 per ounce by 0432 GMT, after falling to its lowest level since August 19 during the previous session. US gold futures edged 0.1% lower to $4,477.20, while spot silver slipped 0.2% to $66.42.

The weakness was also visible in domestic commodity markets. MCX...