COMEX gold and silver futures fell to their lowest levels in a week Tuesday morning as a stronger dollar sparked speculative selling across the metals complex, traders said.
Platinum and palladium likewise sagged to their cheapest in a week as traders and players cashed in on recent price rallies.
December gold at 9:50 am EDT (1350 GMT) was down $7.20 at $416.20 an ounce after breaking below chart support points at $421.50 and $420 and then $418.
Gold extended its slide from Monday on more profit-taking from Friday's six-month peak at $426 that was fuelled by surging oil prices and weaker-than-expected US jobs data.
Spot gold last changed hands at $414.25/5.00, compared to Monday's close at $421.45/2.20. Tuesday's early London fix was at $418.20.
Dealers peg support in COMEX December gold at around $415 and then at $413.30 with resistance lurking up at $430.
In silver, COMEX December fell 18.7 cents to $7.07 an ounce, trading from $7.265 to $6.96. Spot hit $7.01/04 against $7.16/19 late Monday. The London fix was $7.025. NYMEX January platinum lost $15 to $834 an ounce. Spot platinum was worth $836.00/841.00. December palladium shed $9 to $222 an ounce. Spot hit $216.00/221.00.
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