Gold up slightly on global economic concerns

Gold futures on the COMEX division of the New York Mercantile Exchange rose slightly Tuesday amid market concerns over global economic growth.

The most active gold contract for December delivery rose 4.3 dollars, or 0.35 percent, to settle at 1,234.3 dollars per ounce.

The market jitters stem from economic data from the Eurozone and Britain, where the German government sharply lowered the country's growth forecast to 1.2 percent in 2014 and 1.3 percent in 2015; and British consumer prices rose by only 1.2 percent year on year in September, down from 1.5 percent in August. The slowdown in inflation in Britain left investors concerned that the hike in interest rate may be shelved.

Modest buying from China, the world's largest gold consumer, also lent some support to gold. It is reported that demand for gold from Chinese buyers was firm last week.

However, all fundamentals in the U.S., a stronger dollar, sliding oil prices and a rebound of the stock markets, pointed to dampen gold, somehow limiting the growth of the precious metal.

Silver for December delivery gained 5.8 cents, or 0.33 percent, to close at 17.403 dollars per ounce. Platinum for January delivery climbed 11.1 dollars, or 0.88 percent, to close at 1,272. 3 dollars per ounce.