Gold prices shot up to a 1-1/2-week high on Tuesday , as risk-averse investors bought the precious metal on concerns about the Chinese economic outlook, the Greek debt crisis and a Moody's downgrade of Portugal's debt. Spot gold rose to $1,515.19 an ounce by 3:26 p.m. EDT (1723 GMT), against $1,495.54 late in New York on Monday. US gold futures for August delivery settled $30.10 an ounce higher at $1,512.70, a 2.03 percent increase.
Gold futures rose further in after-hours trade, as investors digested a Moody's Investors Service downgrade of Portugal's credit rating by four levels to Ba2, two notches into junk territory. Among other precious metals, silver gained to $35.49 an ounce against $34.08, spot platinum rallied to $1,738.49 an ounce versus $1,718.55, and spot palladium jumped to $772 an ounce against $757.45.