Gold rose more than 1 percent on Tuesday, breaking ranks with the euro and equities, as a massive European bailout deal had investors buying the metal amid doubts the bailout will work. Gold rallied to its highest in more than two weeks after euro zone finance ministers agreed a 130-billion-euro ($172 billion) rescue for Greece. Analysts said the deal bought time for the single-currency bloc but left deep doubts about Greece's ability to recover and avoid default.
Spot gold rose 1.3 percent on the day to $1,755.81 an ounce by 3:01 pm EST (2001 GMT), having earlier hit a high of $1,757.40, the loftiest price since February 3. Bullion posted its biggest one-day gain in two weeks. US COMEX April futures settled at $1,758.50 an ounce, up $32.60 from Friday's close as traders returned after Monday's US Presidents Day holiday.
Silver was up 2.2 percent at $34.29 an ounce, shrugging off a decline in imports by China. Chinese imports of silver fell to 191.7 tonnes in January, the lowest in three years. In 2011, China imported a total of 3,575 tonnes of silver, the lowest in four years. Platinum rose by 2.6 percent on the day to $1,682.74 an ounce, having earlier hit $1,687.50, a five-month high. Platinum prices have been boosted by supply worries in South Africa. Palladium rose 2.0 percent to $705.35 an ounce.
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