The gains gold prices experienced on Tuesday eased on Wednesday, with spot gold trading at$1,245.60 an ounce, according to Reuters. The news source reported gold fell from the previous day’s six-week peak thanks to a number of factors, including a strengthening U.S. dollar and less-than-stellar economic news coming out of China.

Spot gold decreased 0.3 percent. Meanwhile, U.S. gold futures for December delivery fell $5.50 an ounce to reach $1,246.20.

In addition to domestic economic issues and weakening consumer demand for gold in China, experts said demand from India is likely to wane this week due to the festival of Diwali.