Gold expands gains as stocks fall

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as U. S. equities extended its losses into a second session.

The most active gold contract for December delivery rose 4.1 U. S. dollars, or 0.34 percent, to settle at 1,222 dollars per ounce.

On the supportive side, the United States began airstrikes against Islamic State (IS) militants in Syria, and continued its intervention against IS in Iraq, sending equity benchmarks lower as investors sought safe havens such as gold and treasuries.

Although the U.S. equities reported losses, a report released by the Federal Reserve Bank of Richmond on Tuesday showed manufacturing was picking up on the East Coast, as its headline manufacturing index jumped to 14 in September from 12 in August. This was better than expected and kept a clamp on the gains gold made from the fall in equities.

Silver for December delivery gained 0.5 cents, or 0.03 percent, to close at 17.779 dollars per ounce. Platinum for October delivery gained 2.5 dollars, or 0.19 percent, to close at 1,332.7 dollars per ounce.