Gold Steady at $1195 as Safety Bid Wanes

Gold jumped as much as 2 percent on Tuesday after its biggest one-day drop this year, as the dollar slid and investors sought safe havens as oil plunged and an emergency rate hike by Russia failed to stabilize the ruble.

The dollar index fell 0.7 percent, its biggest one-day drop since mid-October, as turmoil in global foreign exchange markets drove investors to the safety of the yen and the Swiss franc.

Spot gold was last up 0.9 percent at $1,202 an ounce, off a high of $1,221.40 and recovering after a 2.5 percent plunge in the previous session. U.S. gold futures for December delivery pared earlier gains and was last down 0.3 percent at $1,204 an ounce.

CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.