Gold rose 2 percent on Tuesday, while silver jumped more than 4 percent as the dollar weakened and stock markets slid, with concerns over tension between Russia and the West also helping push the metal through key chart levels. Spot gold rose to a session high at $1,209.90 an ounce, up 2.3 percent, and was up 1.5 percent at $1,200.20 an ounce by 2:15 pm EST (1915 GMT). US gold futures for February delivery settled up $18.50 an ounce, or 1.6 percent, at $1,200.40.
Silver was up 2.9 percent at $16.21 an ounce, after rising 4.4 percent to a session high at $16.45. "Gold... has been on something of a roller coaster for the past few days," Ed Meir, an analyst at INTL FCStone, said. Gold traders said the metal was also being lifted by concerns over tensions between Russia and the West. Russia's Foreign Ministry said on Tuesday that a widening of US sanctions against Moscow this week may hamper bilateral co-operation on some issues. For the year, gold is down less than 1 percent, hurt by a stronger dollar and expectations of an interest rate rise in the United States. Spot platinum gained 1.9 percent to $1,215.24 an ounce and spot palladium fell 0.7 percent to $800.30 an ounce.
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