Gold up on durable goods, weak dollar

Gold futures on the COMEX division of the New York Mercantile Exchange rose Tuesday as the U. S. dollar fell and durable goods orders of the United States declined.

The most active gold contract for February delivery rose 12.3 U. S. dollars, or 0.96 percent, to settle at 1,291.70 dollars per ounce.

The gold went up as a worse-than-expected report from the U.S. Department of Commerce showed a worse-than-expected fall of 3.4 percent in orders in December after decreasing 2.1 percent in November, analysts said.

Russia also purchased additional gold reserves, according to the International Monetary Fund. Russia purchased 20.73 metric tons of gold which analysts said is good for the price of gold.

Silver for March delivery increased 10.1 cents, or 0.56 percent, to close at 18.084 dollars per ounce. Platinum for April delivery gained 9.3 dollars, or 0.74 percent, to close at 1,264.30 dollars per ounce.