Gold prices tacked on 1% on Tuesday to recoup more than half of what they lost a day earlier, as declines in global stock markets and sharp losses for oil spurred investors to buy into assets perceived as safe.
Gold futures for April delivery jumped $12.50, or 1%, to settle at $1,222.60 an ounce, posting its fourth gain in five sessions. Silver for March delivery rose 5.6 cents, or 0.4%, to $15.24 an ounce.
Prices for gold had lost 1.7% Monday as broader optimism in the financial markets translated into rallies for risk assets such as equities and oil, but a pullback for gold.
However, that sentiment was reversed on Tuesday as U.S. equities fell. Asian and European also dropped.
April platinum rose $15.70, or 1.7%, to $943.50 an ounce, while March palladium added $1.40, or 0.3%, to $500.05 an ounce.