US gold futures rallied more than 3 percent to a seven-month high on Tuesday as risk averse investors sought safety in the yellow metal after two reports warned of deepening recession in eastern Europe, Japan's economy shrank, and US manufacturing activity sank.
GOLD: Gold for April delivery surged $25.30 or 2.69 percent to finish at $967.50 an ounce on the COMEX division of the New York Mercantile Exchange. Range high reached up to seven-month high at $974.90 from a low at $937.30 an ounce. Spot gold advanced to $969.35 per ounce by 3:12 pm EST (2012 GMT), up sharply from the late Friday quote at $937.80 an ounce.
SILVER: COMEX March silver soared 38.50 cents, or 2.83 percent, to close at $14.010 an ounce. Silver rallied on hefty volume, swept higher by the same safe-haven buying that carried gold up - traders. COMEX silver stocks edged up by 228 ounces to 124,339,571 ounces on Friday. Spot silver moved up to $13.90 an ounce in late New York business, up from $13.60 an ounce on Friday.
PLATINUM: NYMEX April platinum jumped $37.30, or 3.52 percent, to settle at $1,098.30 an ounce, pulled up by other precious metals.