NEW YORK (Reuters) - Gold prices rose on Tuesday as Asian stocks tumbled to boost the metal's appeal as a safe haven on concerns about political tensions, uncertainty over the UK pullout from the EU and Italian budget troubles.
At 07:43 GMT, the spot price of gold was up 0.8 percent at $ 1231.40 an ounce. On October 15, the metal touched its highest level since July 26 at $ 1233.26.
US gold futures rose 0.8 percent to $ 1234.50 an ounce.
"Geopolitical tensions are on the rise, which has restored some safe haven purchases to the gold market," ANZ analyst Daniel Heinz said. "The city centers are apparently also being liquidated as a result."
Palladium rose 1 percent to $ 1134.70 after hitting a nine-month high of $ 1135.80 earlier in the session.
The metal rose nearly 4 percent on Monday as investors feared any new sanctions would affect Russia, the main producer of the metal, ANZ analysts said in a research note.
"US plans to withdraw from a nuclear weapons treaty with Russia could ultimately affect palladium sales at a time when the market is suffering from a severe supply shortage," they said.
Silver rose 0.5 percent to $ 14.68 an ounce, while platinum rose 0.7 percent to $ 825.60 an ounce.
