US gold futures dropped 1.5 percent Tuesday as investors took profits after the price of bullion recently rallied based on safe-haven buying amid economic worries and strong investment demand. Gold for February delivery was down $11.30, or 1.3 percent, at $897.50 an ounce at 10:05 am EST (1505 GMT) on the COMEX division of the New York Mercantile Exchange.
The range spanned $892.20 to $907.60, near a 3-1/2 month high. Broad-based decline in commodities led by crude oil, which dropped more than $2 to under $44 per barrel, triggered profit taking in gold futures. Gold future contracts outperformed crude oil in percentage terms on Tuesday. Gold/oil ratio turned higher to 20.7 compared with 19.4 in the previous session.
COMEX estimated 10:00 am volume at 85,184 lots, and options turnover at 3,297 lots. Spot gold was at $899.25 an ounce, down 0.4 percent from the last trade on Monday. March silver was down 8.5 cents at $12.025 an ounce on weak industrial metals such as copper and gold's decline. Ranged $11.855 to $12.165. COMEX estimated silver 10:00 am volume at 7,940 lots.
Spot silver quoted at $12.02 an ounce, down 0.2 percent from its previous session close. NYMEX April platinum slipped $28.90, or 3.0 percent, to $945.00 an ounce on weaker commodities complex across the board. Spot platinum quoted at $937.00 an ounce, down 2.3 percent from its last finish. NYMEX March palladium slid $3.60, or 1.9 percent, to $189.40 an ounce on profit taking. Spot palladium quoted at $188.00 an ounce, down 1.1 percent from its previous close on Monday.