US gold futures ended up 1.5 percent on Tuesday, setting a seven-session high as simmering tensions on the Korean peninsula and increasing worries over a European debt crisis prompted investors to buy both the metal and the US dollar as safe havens.
COMEX December gold futures settled up $19.80 or 1.5 percent at $1,377.60 an ounce on the COMEX division of the NYMEX. Ranged between $1,355.60 and $1,382.90 -- highest since November 12. Gold futures broke higher as traders saw heightened risks in both Europe and the Koreas, with some traders appearing to target the $1,400 mark.
Gold futures volume was about 300,000 lots, about 35 percent above their 30-day average. Spot gold rose 0.7 percent to $1,375.49 at 2:50 pm EST (1950 GMT). COMEX December silver ends up 11.10 cents at $27.572 an ounce in active trade, with volume at the highest level below a record 201,216 contracts set on November 9. Ranged from $27.075 to $27.895 an ounce. COMEX silver futures volume was near 135,000 lots, one of the most-active days on record. Spot silver fell 1.2 percent to $27.48 an ounce.
NYMEX January platinum finished up $2.20 at $1,657.70, helped by gold's gains. Spot platinum slipped 0.2 percent on the day at $1,659.50 an ounce. NYMEX December palladium closed up $6.40 at $691.10 an ounce, tracking platinum. Spot palladium fell 1.3 percent to $689.22 an ounce.