Gold, silver prices drop sharply

International gold and silver prices dropped steeply on Monday as surging crude oil futures strained market liquidity, while a stronger U.S. dollar and rising 10-year treasury yields added further pressure on precious metals.

Gold futures for June delivery on the New York Mercantile Exchange fell 2.39 percent to 4,828.8 U.S. dollars per ounce, while silver futures for July delivery settled at 73.522 dollars per ounce, down 3.81 percent.

In China, several major gold retailers lowered prices to below 1,400 yuan (about 205 U.S. dollars) per gram on Tuesday.

The sports industry can be a powerful driver of China's service sector, according to Chinese former professional footballer Sun Jihai.

During a recent interview with China Global Television Network (CGTN) in Beijing, Sun, who had a successful career playing both in China and the United Kingdom, said football events can greatly promote consumption.

"For example, the team from my hometown Dalian recently traveled to Shenyang to play the local team in a provincial derby. Ten thousand Dalian fans also traveled to Shenyang for the game. Some took a special train, while others drove to the city. Along the way, they were warmly welcomed by local fan groups. This generated significant foot traffic and economic activity," said Sun.

Sun, who is now devoting himself to the training programs of young players in China, explained his confidence in football's future and its economic potential.

"We're committed to this because we have confidence in football. That confidence stems from the fact that, as you can see, there are now cultural and sports events and amateur leagues all over China, which shows that people still place a high value on soccer. Secondly, we're confident that we can develop these children into outstanding players at least in China," said Sun.