US gold futures retraced early losses but still traded slightly lower Tuesday on weaker crude oil prices, but a weaker dollar limited losses. The August gold contract on Comex division of New York Mercantile Exchange down $2.80 at $883.50 an ounce at 10:25 am EDT (1425 GMT). Ranged from $876.20 to $891.00.
Profit-taking following Monday's 1.5 percent increase weigh on gold futures market. Gold pressured by a retreat in oil prices. US crude futures down $1 in morning trade after paring initial losses. Potential gains in US stocks could trigger profit-taking in gold, analysts said.
Comex estimated 10:00 am EDT gold volume at 65,308. Spot gold was quoted at $882.20/883.20, compared with $883.60/884.80 in late Monday trade. July platinum was up $9.30 at $2,060.00 an ounce. Spot platinum was at $2,046.50/2,066.50. September palladium was down $2.95 at $461.50 an ounce. Spot palladium was quoted at $454.50/462.50.July silver futures track gold's weakness, down 18.2 cents or 1.1 percent at $17.050 an ounce. Ranged from $16.85 to $17.41 per ounce. Spot silver decreases to $17.16/17.22 an ounce from $17.16/17.22 late Monday.
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