Gold fell to a nine-month low on Tuesday as the dollar surged and commodities led by crude oil tumbled on expectations of further gains in the US currency. Spot gold prices touched their lowest since January 1 at $1,204.40 an ounce. Though gold managed to recoup earlier losses, the metal is still down about 6 percent for the month with a quarterly drop of around 9 percent, marking the sharpest monthly loss since June 2013 and first quarterly loss this year.
Spot gold was down 0.5 percent at $1,209.30 an ounce by 2:41 pm EDT (1841 GMT). Bullion prices partially erased losses after disappointing US consumer confidence and home prices data. US COMEX gold futures for December delivery settled down $7.20 at $1,211.60 an ounce in heavy trading. Lower gold prices dragged other precious metals down, with silver fell 2.8 percent to $16.98, having earlier hit $16.83, its lowest since March 2010. It also notched its biggest quarterly loss since mid-2013. Platinum was down 0.1 percent at $1,298.50 an ounce and set for a 12 percent quarterly drop. Palladium fell 2.3 percent to $768.10 an ounce, having touched a five-month low earlier and posted a 14 percent monthly loss, its biggest since September 2011.
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