MUMBAI: Gold futures are likely to extend losses this week, falling below a one-week low touched on Monday, hurt by a firm dollar overseas, although a revival in physical demand ahead of key festival could limit the downside, analysts said. The most-active gold for May delivery on the Multi Commodity Exchange (MCX) was 0.40 percent lower at 28,470 rupees per 10 grams, after hitting 28,441 rupees, its lowest since April 10. "Gold could fall on dollar strengthening and Chinese economic weakness," said Gnanasekar Thiagarajan, director with Commtrendz Research. He advises selling gold if it rises to 28,700 rupees, with a stop loss of 28,900, targeting 28,000 rupees. The U.S. dollar and gold often move in opposite direction as the two compete for funds globally. Silver futures are likely to fall tracking the yellow metal. However, jewellers are expected to stock up ahead of a key gold buying festival, limiting the downside in prices, traders said. The Indian wedding season is at its peak now, and Akshaya Tritiya, one of the biggest gold buying festivals, falls later this month. Silver for May delivery on the MCX was flat at 55,585 rupees per kilogram. Thiagarajan advises selling silver on rallies to 56,100/56,200 rupees, with a stop loss of 56,600, targeting 54,500.

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