US platinum futures posted another sharp losses on Monday, extending the previous session's 6 percent decline on demand worries after poor US auto sales, but traders expect prices to rebound as the sell-off looked overdone.
PLATINUM: October settled down $92.30, or 5.6 percent, at $1,563.00 an ounce, after trading as low as $1,560 an ounce, a 6-1/2 month bottom. Platinum pummeled by lackluster results of car companies and poor macroeconomic outlook, following the sell-off that started on Friday following General Motors' poor results - Ralph D'Esposito, NYMEX floor trader.
Most-active December ended $9.60, or 1.1 percent, at $907.90 an ounce on the COMEX division of New York Mercantile Exchange. December futures ranged from $903.00 to $924.10. COMEX estimated final gold volume at 133,217 lots, options turnover at 3,741 lots. Open interest of COMEX gold futures down 20,960 lots at 409,372 lots as of August 1.
Spot gold quoted at $895.55/896.95 at 2:45 pm EDT (1815 GMT), compared with $909.85/911.45 late Friday. London's afternoon gold fix $905.75. September silver finished down 38.0 cents, or 2.2 percent, at $17.140 an ounce. Ranged from $16.905 to $17.650.
COMEX estimated final silver volume at 23,659 lots. Spot silver at $17.00/17.05 compared with $17.47/17.55 late Friday. London silver fix $17.37. September palladium closed down $16.65, or 4.5 percent, at $354.45 an ounce, tracking platinum's weakness. Spot palladium at $349.50/357.50.
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