US gold futures unwound day-earlier gains, dropping to levels last seen on March 2, as crude oil prices reversed course to fall nearly $3 a barrel and the dollar turned higher against the euro, traders said on Thursday. The August gold contract on the Comex division of the New York Mercantile Exchange was down $17.9, or 2.03 percent, at $865.0 an ounce.
Benchmark August gold earlier tumbled to a low dating back to March 2 at $859.6, off a session high at $884.9 an ounce. Traders said gold, and precious metals that have been following gold's path, is mirroring the direction in crude oil prices and keying off the dollar's direction.
Spot gold was lower at $864.70/865.70 an ounce than $881.15/882.55 an ounce in late Wednesday business. The London afternoon gold fix set at $862.25 an ounce. July platinum dropped $17.3, or 0.85 percent, to $2,019.18 an ounce, falling with other precious metals.
Spot platinum slips to $2,009.50/2,029.50 an ounce. September palladium fell $1.25 to $431.75 an ounce. Spot palladium was quoted at $424.50/432.50 an ounce. July silver futures slide 44.0 cent, or 2.61 percent, to $16.4150 an ounce. Spot silver tumbles to $16.39/16.45 an ounce from $16.88/16.95 per ounce in late Wednesday business.