US gold futures ended nearly 3 percent lower Tuesday on a combination of options-related selling and profit taking triggered by comments by Federal Reserve Chairman Ben Bernanke that inflation pressures had dramatically receded. Gold for April delivery settled down $25.50, or 2.6 percent, at $969.50 an ounce on the COMEX division of the New York Mercantile Exchange.
GOLD: Ranged between $997.00 and $960.20 - a two-week low. Heavy selling pressure due to COMEX March gold options expiration on Tuesday, combined with sell-stops by investors who participated in recent price rally weighed down on April futures - George Gero, vice president of RBC Capital Markets Global Futures.
COMEX estimated 1:00 pm electronic volume at 130,812 lots. Options turnover and floor volume not available due to a technical issue. COMEX gold open interest up 3,652 to 369,132 lots as of February 23. Spot gold was at $968.20 an ounce at 2:29 pm EST (1929 GMT), down 2.3 percent against its last quote in New York late on Monday.
COMEX March silver ended down 45.5 cents, or 3.2 percent, at $13.995 an ounce on gold's retracement. Range $13.680 to $14.575 an ounce. COMEX estimated 1:00 pm electronic volume at 30,054 lots.
SILVER: spot silver at $13.95 an ounce, down 3.2 percent from its Monday finish.
PLATINUM: NYMEX April platinum finished down $30.80, or 2.9 percent, at $1,048.70 an ounce on broad-based precious metals decline. Spot platinum at $1,042.00 an ounce, down 2.7 percent from its previous close.
PALLADIUM: Spot palladium was at $198.50, up 1.5 percent from its late Monday New York quote.