Gold rose almost 1.5 percent on Tuesday on a weak dollar and renewed risk appetite, but bullion ended off highs as its recovery from the steepest three-day drop in nearly three decades appeared to falter. Bullion gained as the US stock market rallied 1 percent and the euro rose against the dollar, fuelled by optimism that European policymakers planned to increase the region's bailout fund to ease a debt crisis.
Spot gold was up 1.4 percent at $1,650.19 an ounce at 4:06 pm EDT (2006 GMT), sharply off a session high of $1,676.69. US gold futures for December delivery settled up $57.70 an ounce at $1,652.50. Trading volume was lower than in the previous session, at about 10 percent below its 30-day average.
Silver, which dived to a 10-month low of $26.04 an ounce in the previous session, rose as much as 9 percent to a high of $33.48 an ounce. Spot silver was last up 4.1 percent at $31.93 an ounce. Platinum was up 0.3 percent at $1,560.49 an ounce, having fallen to a 21-month low on Monday, while palladium rallied 3 percent at $645.75 an ounce.
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