US gold futures tumbled 2 percent on Tuesday as the dollar surged after comments on inflation from Federal Reserve Chairman Ben Bernanke triggered speculation of an interest rate hike. The August gold contract on Comex division of New York Mercantile Exchange down $16.70, or 1.9 percent, at $881.40 an ounce by 10:11 am EDT (1411 GMT).
August futures dropped to a session low of $876.60 after peaking at $897.90. Spot gold Was quoted at $877.20/878.20 an ounce, compared with $894.00/896.00 in late Monday trade. The London afternoon gold fix at $878. July platinum was down $31.10, or 1.5 percent, at $2,028.50 an ounce. Spot platinum quoted at $2,014/2,034.
September palladium was down 35 cents at $429.25 an ounce. Spot palladium was quoted at $423.50/431.50. July silver futures were down 25.0 cents, or 1.5 percent, at $16.960 an ounce. Ranged $16.850 to $17.210.
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