US gold futures started with mild losses then slid further in early Tuesday dealings when oil prices gave up ground after revised hurricane reports seemed to show Ike would bypass most US Gulf Coast oil operations and when the dollar turned up against the euro, traders said.
Silver dropped to levels last seen in early October 2006 as investors continued to unload the metal with gold and because of slowing economic prospects undermined its industrial value, traders said. December gold gave up $18.50, or 2.28 percent, to $784.0 an ounce on the Comex division of the New York Mercantile Exchange.
December's trading range ran between $781.0 and $809.50. Comex estimated 9am gold volume at 86,558 lots. The options tally came to 666 lots. Gold posted mild losses at the start, then tumbled with other precious metals as the dollar regained its strength against the euro, traders said. Spot gold fell below the psychologically potent $800 level to $784.60/785.50 an ounce from the late Monday quote of $802.25/803.60 an ounce.
December silver lost 33.0 cents, or 2.78 percent, to $11.7350 an ounce. Silver's losses extended to $11.5550 an ounce, a low last seen in early October 2006. The session high was $12.2550 an ounce. Comex estimated 9 am silver volume at 13,187 lots. Spot silver slid below the key $12 psychological level to change hands at $11.63/11.69 an ounce, well below $12.47/12.54 an ounce at Monday's late quote.
Nymex October platinum tumbled $80.90 an ounce, or 5.98 percent, to $1,272 an ounce. Spot platinum was lower at $1,256.50/1,276.50 an ounce than $1,337/1,357.00 at the end on Monday. December palladium lost $23.30, or 8.78 percent, at $242.20 an ounce. Spot palladium fell to $239.50/247.50 an ounce from a late Monday quote of $258.0/266.0 an ounce.
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