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AP: Gold up on flight to safety
 
Gold rose more than 3 percent and silver was up by 5 percent on Tuesday as European stock markets turned lower, sparking a flight to safety.

Rising oil prices and a softer dollar underpinned gains as commodities took on a firmer tone after recent losses.

Gold hit a record high in euro terms, according to Reuters data, at 654.22 euros an ounce, up from 635.29 late on Monday. Spot gold rose to a session high of $887.30 before settling back to trade at $886.40/889.40 at 1017 GMT, up from $857.45 an ounce in late New York trade on Monday.

Silver was at $11.65/11.75 an ounce, having earlier touched an intraday high of $11.59 an ounce. Late in New York on Monday it was quoted at $11.01 an ounce.

Platinum and palladium prices also rose, with platinum climbing 4.5 percent to return to the $1,000 an ounce level for the first time in three sessions.

Platinum was quoted at $998.50/1,018.50, up from $961.50 late in New York on Monday. Palladium was at 198.50/208.50 an ounce, up from $194. - Reuters
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