Gold prices rose on Tuesday, staying above $1,100 per ounce as investors remained risk averse on concerns about Greece's fiscal crisis, although trading was subdued with many Asian players away for the Chinese new year. Price moves were exaggerated in Asia as there were so few market participants around, traders said.
"Gold prices are firmer in thin trade, with the price uptick in part triggered by stops being hit around $1,103.00," said Yuichi Ikemizu, Tokyo branch manager for Standard Bank. Spot gold was up 0.8 percent at $1,108.90 an ounce as of 0605 GMT after rising as high as $1,109.55. US gold futures for April delivery climbed to $1,109.50 per ounce from London's Monday prices of around $1,100.00, and were up 1.4 percent from Friday's New York levels.
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