U.S. gold futures ended nearly 2 percent lower on Tuesday as sharply lower platinum prices amid demand worries weighed on the precious metals complex, tempting bullion investors to lock in recent profits. For the latest detailed report, click on [GOL/]. GOLD * Gold for June delivery GCM9 settled down $14.60, or 1.6 percent, at $893.60 an ounce on the COMEX division of the New York Mercantile Exchange. * Ranged from $884.60 to $907.70. * Gold market is taking cues from heavy losses in platinum and palladium due to fears about the viability of U.S. automakers - Jeffrey Christian, managing director of CPM Group. * Strong desire by investors to take profits more than offset safe haven buying in gold amid renewed bank worries and a possible pandemic from swine flu - traders. * Sellers in gold emerged in overnight sessions as funds were more interested in raising cash and cutting exposure following Monday's May option expirations - George Gero, vice president of RBC Capital Markets Global Futures. * Weak jewelry demand from India after Akshaya Tritiya, a major gold-buying festival, weighed on prices. * COMEX estimated final volume at 87,011 lots and options turnover at 12,346 lots. * Spot gold traded at $893.60 an ounce at 3:08 p.m. EDT (1908 GMT), down 2.1 percent from its late Monday quote in New York. * COMEX gold open interest down 157 lots at 346,479 lots as of April 27. * The London afternoon gold fix was $891.00 an ounce. SILVER * COMEX May silver SIK9 ended down 55.5 cents, or 4.3 percent, at $12.400 an ounce, following gold's weakness. * Ranged from $12.330 to $12.950. * COMEX estimated final volume at 22,134 lots. * Spot silver was at $12.48 an ounce, down 3.2 percent from its previous finish. * The London silver fix at $12.560 an ounce. PLATINUM * NYMEX July platinum PLN9 finished down $48.70, or 4.2 percent, at $1,101.60 an ounce, after hitting a session low of $1,071.10, which marked the weakest price since March 19. * Uncertain future of U.S. automakers took a toll on platinum group prices - traders. * General Motors (GM.N: Quote, Profile, Research) on Monday said it planned aggressive restructuring moves that would see the automaker emerge under the ownership control of the U.S. government and its major union. [ID:nN27471653] * Heavy profit-taking seen as recent rally based on the assumption that the auto industry would revive was too fast and too sharp - Christian. * Platinum and palladium are used to clean exhaust fumes from the tailpipes of vehicles. * Spot platinum at $1,084.50 an ounce, down 4.8 percent from its late Monday quote. PALLADIUM * June palladium PAM9 closed down $12.20, or 5.3 percent, at $216.75 an ounce. * Spot palladium was at $212.50 an ounce, down 4.7 percent from its previous finish. (Reporting by Frank Tang; editing by Jim Marshall)

Source