Gold rose on Tuesday as volatility in the currency market triggered by Japan's aggressive monetary easing plan lifted bullion's appeal as a hedge against inflation and currency fluctuations. Silver, often more volatile and speculative than gold, rose 2.5 percent for its biggest one-day gain in five months.
Spot gold was up 0.7 percent at $1,583.90 an ounce by 3:55 pm EDT (1955 GMT). US Comex gold futures for June delivery settled up $14.20 at $1,586.70, with trading volume about 30 percent below its 30-day average, preliminary Reuters data showed. Silver was up 2.5 percent at $27.93 an ounce, its biggest one-day gain since early November. Among platinum group metals, platinum climbed 0.8 percent to $1,544.74 an ounce and palladium dropped 0.8 percent to $723.97 an ounce.