Gold rose 1.3 percent on Tuesday, its biggest one-day gain in three months, as Federal Reserve Chairman Ben Bernanke's defence of US bond-buying stimulus boosted bullion's inflation-hedge appeal. The metal broke above $1,600 an ounce, extending its rally to a fourth straight day, after Bernanke said Fed policymakers are cognisant of potential risks from its loose monetary policy, but the risks did not seem material now.
Spot gold gained 1.3 percent to $1,615.16 an ounce by 2:54 p.m. EST (1954 GMT), its biggest one-day rise since November 23, 2012. It had earlier reached a one-week high of $1,619.66. US gold futures for April delivery settled up $28.90 at $1,615.50 an ounce, with trading volume around 45 percent above its 250-day average, preliminary Reuters data showed. Among other precious metals, silver rose 1.1 percent to $29.34 per ounce. Platinum was up 0.9 percent at $1,618.74, while palladium climbed 1.3 percent to $742.72 per ounce.
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