Gold futures in New York rose to settle near session highs on Tuesday, after buyers jumped in on an earlier dip in prices and a lacklustre dollar and historically high crude also gave it a boost, analysts said.
In other precious metals, platinum ended at a 2-1/2-week low below $900 on fund and speculative selling. Industrial precious metal silver popped back above $7.00 an ounce, thanks to copper prices hitting fresh record highs in the session.
December delivery gold on the New York Mercantile Exchange finished at $451.50 an ounce, up $3.90 on the day, after dealing between $445.70 and $453.
Bargain hunting helped gold bounce from the $445 support area in morning trade before it extended gains as a lacklustre dollar backed off its highs later in the day.
Traders also said buying out of the Middle East has helped to prop gold during a slow period typical of the late summer.
Resistance in COMEX December gold was pegged at Friday's eight-month high of $455.30, and then at around $460, followed by $471, with support seen down at $445 and $442.90. After declining overnight, spot gold rose to $446.10/446.90 an ounce, above Monday's late New York quote at $441.70/442.50. The afternoon fix in London reached $443.
COMEX September silver climbed 7.8 cents to end at $7.043 an ounce, in a range of $6.955 to $7.055. Spot hit $7.03/06, from $6.94/97 Monday. It fixed at $6.98.
In the NYMEX metals, October platinum fell $12.50 to $892.70 an ounce. Spot platinum traded at $889/893. September palladium slipped $1.20 to close at $185.05 an ounce. Spot edged to $182/186.
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