Gold up on rising reserves in Russia, Kazakhstan

Gold futures on the COMEX division of the New York Mercantile Exchange bounced Tuesday as the central banks of Russia and Kazakhstan continued to raise their official gold reserve in July.

The most active gold contract for December delivery rose 6.3 dollars, or 0.49 percent, to settle at 1,285.2 dollars per ounce.

Gold once rose above 1,290 U.S dollars after the data from the International Monetary Fund showed emerging markets stay committed to boosting their reserves of the precious metal.

Russia, one of the world's biggest holders of gold, increased its official reserves by nearly 340,000 troy ounces to 35.5 million ounces in July, while Kazakhstan's central bank raised its official reserves by 45,000 ounces to 5.1 million ounces in the same month, according to the latest data from the International Monetary Fund.

Gold prices, however, shed some gains as U.S. stocks continued advancing with the S&P 500 Index reaching uncharted territory, as well as a string of U.S. economic data came in generally upbeat.

Silver for September delivery rose 2.8 cents, or 0.14 percent, to close at 19.386 dollars per ounce. Platinum for October delivery rose 1.2 dollars, or 0.08 percent, to close at 1,419.6 dollars per ounce.