Gold Touches New 3-Month High on Global Tensions, Options Play

0 – Gold futures settled up on Tuesday, hitting 3-month highs for a second day in a row as a sea of global troubles kept safe-haven demand churning. Traders also cited speculators’ attempts to steer the market toward $1,250 an ounce to cash out options bought at that level.

Gold for December futures settled up $7, or 0.6%, at $1,231 a troy ounce on the COMEX division of the New York Mercantile Exchange, after hitting a July 16 high of $1,235.90 during the session.

But in post-settlement trade it gave back all those gains, trading slightly lower, as stocks on Wall Street rallied on strong earnings. Gold is a often a contrarian bet to equities and the dollar. The dollar Index, which measures the greenback against six other currencies, was barely down at 94.75 at 2:51 PM ET (18:51 GMT).

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