Gold rose 1 percent on Tuesday, breaking ranks with equities for a second session, as sharp losses in equities triggered safe-haven buying in the bullion market, which had sustained a recent sell-off. The precious metal posted its fourth straight daily rise, its longest streak in two months.
Spot gold was up 1.2 percent at $1,660.20 an ounce by 3:30 pm EDT (1930 GMT), its biggest one-day rise in more than two weeks. The metal also rebounded from heavy early losses to set a one-week high of $1,662.60 triggering some momentum buying. US gold futures for June delivery settled up $16.80 at $1,660.70. Trading volume was on track to be the strongest in a week, preliminary Reuters data showed. Silver rose 0.5 percent to $31.69 an ounce, underperforming gold. Spot platinum was down 0.7 percent at $1,593.99 an ounce, while spot palladium fell 0.5 percent to $635.22 an ounce.