Gold rose for a second session on Tuesday as its safe-haven appeal increased after the International Monetary Fund cut its global economic growth forecasts and weak German industrial data stoked further concerns. "Following yesterday's rally, traders are in a wait-and-see attitude now after the IMF lowered world growth and issued some market risk warnings," said George Gero, vice president at RBC Capital Markets.
Spot gold was up 0.4 percent at $1,211.20 an ounce by 3:18 pm EDT (1918 GMT). It jumped 1.3 percent on Monday, its biggest one-day gain in two months. US COMEX gold futures for December delivery settled up $5.10 at $1,212.40 an ounce in heavy trading. Palladium rose 2.9 percent to $782.60 an ounce, its biggest one-day gain in over six months, helped by short covering after the metal fell on Monday to its lowest since February 27. The metal has also dropped 17 percent from $910 last month, which was its highest level since February 2011. Platinum was up 1.3 percent at $1,255 an ounce. Silver dropped 0.8 percent to $17.16 an ounce. It hit its weakest level since March 2010, at $16.66, on Monday.
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