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US gold futures pulled back early on Tuesday, a day after striking a 25-year peak, as the market consolidated in light volume after Monday's failed attempt to reach $600 an ounce, traders said.
June gold on the New York Mercantile Exchange's COMEX division was down $1.20 at $593.10 an ounce by 10:31 am EDT, in a range of $595.30 to $589.50.
On Monday, June gold surged to $596.80 an ounce - the loftiest level for futures since January 1981.
Prices briefly rose with the euro's surge to a two-week peak against the dollar at midmorning Tuesday but then quickly retreated soon after on mild profit taking, sources said.
"There's no news out today that would help gold punch through $600, and I can sense the disappointment from the floor after they had built up long positions," said a trader at a futures commission merchant.
Gold still could break above that psychologically important $600 level, he said. But, if it continues to falter up near there technically, it would look increasingly ripe for a correction, he added.
No major US economic data was due on Tuesday and investors mainly were setting their sights on Friday's non-farm payrolls report for March for a sign of the economy's vigour.
Deutsche Bank's global head of commodities research said on Tuesday gold bullion, which got as high as $591.50 on Monday, may head beyond $600 and toward $700, boosted by upbeat fundamental factors and fund buying.
Estimated COMEX turnover touched 16,000 lots by 10 am, spot gold barely budged and was quoted at $588.30/589.00 an ounce, compared with Monday's New York finish at $588.10/589.00. Tuesday's afternoon London fix was at $588. May silver rose 4.5 cents to a session high of $11.81 an ounce, above an earlier low of $11.645. On Friday, it soared to $11.94, its highest level since September 1983.
Excitement over a potential silver exchange-traded fund has triggered most of the buying in recent months, said dealers, who pegged the $12 mark as a likely technical target. Spot silver climbed to $11.79/11.82, from $11.75/78 previously. It fixed at $11.740 Tuesday.
NYMEX July platinum eased $1.10 to $1,088 an ounce. It hit a 26-year high above $1,105 last week. Spot platinum fetched $1,073/1,077.
June palladium sank $3.40 to $343 an ounce. Last Thursday, it scaled an almost four-year high at $355.80. Spot palladium was indicated at $334/338 an ounce.

Copyright Reuters, 2006

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