US gold futures dropped on Tuesday, having hit a one-week low earlier as safe-haven demand diminished on calmer currency markets. COMEX June gold down $11.20 at $1,216.90 an ounce at 10:38 am EDT (1438 GMT). Ranged from $1,226.80 to $1,206.60 - lowest since May 11.
Steadier currency markets dent gold's appeal. Euro rallies from the previous session's four-year low vs the dollar. US stock markets turn flat after initial gains on hopes that eurozone officials are making progress to resolve a debt crisis. Investor Dennis Gartman says he is exiting his long-held strategy to buy gold in other currencies. Comex estimated 10 am volume at 119,000 lots.
Spot gold at $1,218.75, versus $1,223 late in New York's previous session. COMEX July silver up 17.10 cents, or 1 percent, at $19.030 an ounce as industrial metals rebound after Monday's sharp losses. Ranged $18.800 to $19.085. Comex estimated 10 am volume at 23,169 lots. Spot silver at $19.02 versus $18.75 late in prior session.
July platinum up $24.40, or 1.5 percent, at $1,687.60 an ounce on short-covering after the previous session's decline of base metals led by copper. Spot platinum at $1,680.50. June palladium up $4.15 at $507.75 an ounce on the coattails of platinum. Spot palladium at $505.50.