Gold rises on Middle East tension

Gold futures on the COMEX division of the New York Mercantile Exchange gained Tuesday for the first time in four sessions, amid concerns that tensions in the Middle East will escalate, which boosts the appeal of safe-haven assets.

The most active gold contract for December delivery rose 15.9 dollars, or 1.14 percent, to settle at 1,412 dollars per ounce. Regular trading on COMEX was closed Monday for the Labor Day holiday.

Stock and oil markets were rattled by what Israel described as a joint flight test with the US of its Arrow missile- interception system over the Mediterranean Sea, according to reports. Market analysts say there is a lot of uncertainty in the air, and the safe-haven appeal for gold is back, as there are concerns that there could be indirect forms of attack on Syria before the US Congress meets next week.

US President Barack Obama is stepping up lobbying since saying on Aug. 31 that he would seek the authorization of Congress to attack Syria for alleged use of chemical weapons.

Silver for December delivery rose 91.6 cents, or 3.90 percent, to close at 24.429 dollars per ounce.