New York gold futures ended 2 percent lower in high-volume trade on Tuesday but held above $900 an ounce as sharp oil losses and a stronger dollar prompted heavy liquidation. The June gold contract on COMEX division of New York Mercantile Exchange settled down $17.90, or 1.9 percent, at $907.90 an ounce.
June futures tumbled earlier to $903.30, a one-week low. The session high was $930.60.Gold's inflation-hedge role decreased as oil tumbled as much as $4 to just above $128 a barrel. COMEX estimated final volume at a busy 295,163 lots, options turnover at 88,311 lots. Frantic trading pace seen in spite of the US Memorial Day holiday on Monday.
COMEX futures open interest down 1,692 lots to 438,081 lots as of Friday, May 23. Spot gold at $907.10/908.30 an ounce at 2:15 pm EDT (1815 GMT), compared with $925.20/926.60 in late Friday trade. The London afternoon gold fix at $906.75.
PLATINUM: July finished down $48.20, or 2.2 percent, at $2,128.10 an ounce. Heavy selling in the gold futures lends pressure to the platinum market. Platinum ignores supply concerns after data showed the economic growth of top producer South Africa dropped to a 6-1/2 year low due to a power crisis that hampered mining output.Spot platinum quoted at $2,118/2,138.
PALLADIUM: September palladium down $13.40, or 2.9 percent, at $447.85 an ounce. Spot palladium quoted at $436.50/444.50.
SILVER: July futures ended down 82.5 cents, or 4.5 percent, at $17.465 an ounce. Ranged $18.375 to $17.43, a one-week bottom.Weakness in gold, other precious metals cited. Spot silver at $17.41/17.48 an ounce versus the $18.18/18.26 late quote of Friday. London silver fix was at $18.14.
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