US gold futures turn lower on Tuesday as a combination of sharply lower oil prices and a dollar bounce prompt heavy profit taking, erasing bullion's solid initial gains. August was down 70 cents at $963.00 an ounce on the Comex division of New York Mercantile Exchange at 10:15 am EDT (1415 GMT). The session low was $957.60.
Weak results from key US companies and lower equities prompt buying of bullion as an alternative investment in early sessions, Kitco Bullion Dealers Senior Analyst Jon Nadler said. Comex gold futures open interest up 976 lots to 496,778 lots as of Friday, July 18. Spot gold was quoted at $960.25/961.25, compared with $961.75/963.15 late Monday. September silver was down 8.5 cents at $18.340 an ounce, tracking gold's fall. Ranged from $18.240 to $18.760. Estimated 9:00 am.
volume at 7,660 lots. Spot silver was at $18.27/18.34, compared with $18.35/18.43 late Monday. October platinum was up $9.50 at $1,860.50 an ounce. Spot platinum was at $1,845.00/1,865.00. September palladium was up $1.15 at $416.15 an ounce, following platinum's gains. Spot palladium was at $411.50/419.50.