Gold up on weak US dollar, global equities

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as global stocks weakened in the wake of geopolitical tensions and the U.S. dollar dipped on some profit-taking.

The most active gold contract for February delivery gained 18.5 U.S. dollars, or 1.57 percent, to settle at 1,200.40 dollars per ounce.

Gold futures almost erased its 2014 losses as a political crisis in Greece dragged global major stock market indexes down on Tuesday.

Additionally, geopolitical tension increased between the United States and Russia as Washington added additional Russian officials to a list of alleged human rights violators. In response, Russian Foreign Ministry Alexander Lukashevich issued a statement saying the move could harm bilateral relations between Russia and the United States.

The U.S. Dollar Index Spot, a measure of the U.S. dollar against a basket of major currencies, fell for the first time in three sessions, adding additional lift to gold.

Traders are also waiting for the release of the weekly jobless reports, scheduled to be released by the U.S. Department of Labor on Wednesday morning instead of Thursday, as the government and markets will be closed on Thursday for the New Year.

Silver for March delivery added 49.7 cents, or 3.15 percent, to close at 16.276 dollars per ounce. Platinum for April delivery rose 16.6 dollars, or 1.38 percent, to close at 1,219.30 dollars per ounce.