US gold futures lost more than 3 percent on Tuesday as signs of an improving economic outlook diminished safe-haven buying and a profit-taking commodities rout dragged prices off highs. Benchmark COMEX February gold futures settle down $44.10 or 3.1 percent at $1,378.80 an ounce on the COMEX division of the NYMEX. Ranged from $1,375 to $1,417.80 an ounce.
COMEX gold volume at 220,000 lots, almost 30 percent above its 30-day average following weeks of lighter-than-usual turnover due to the holidays, according to preliminary Reuters data. Spot gold slipped 2.6 percent to $1,377.80. COMEX March silver ended down $1.617 or 5.2 percent at $29.508 an ounce on gold's sharp losses. Silver dropped more than gold as the white metal has outperformed gold in recent months. Ranged between $29.325 and $30.885.
Spot silver fell 3.6 percent to $29.57. NYMEX April platinum finished down $39 or 2.2 percent at $1,747.40 an ounce on broad commodities weakness despite improving US auto sales. Spot platinum dropped 1.4 percent to $1,741.24 an ounce. NYMEX March palladium closed down $31.35 or 3.9 percent at $769.05 an ounce on profit-taking after recent gains. Spot palladium dropped 2.3 percent to $771.47 an ounce.