Gold futures settle higher after backing off intra-day peak

CHICAGO, Dec. 29 (Xinhua) -- After backing off intra-day peak, the price of gold futures on the COMEX Division of the New York Mercantile Exchange remained higher on Monday due to the Middle East conflict and the rising oil price. Silver and platinum also went up.

The gold price for February delivery ended up 4.10 dollars, or 0.5 percent, to 875.30 dollars an ounce. March silver climbed 28 cents to 10.81 dollars per ounce. January platinum gained 28.90 dollars, settling on 923.40 dollars per ounce.

During the early session in electronic trade, gold climbed as high as 892 dollars per ounce because of stepped-up tensions in Gaza.

Investors generally tend to buy precious metals as risk hedging instruments during political turmoil.

At the day trade session, the gold price retreated with crude oil falling and the U.S. dollar rebounding sharply, but it managed to end higher for the third consecutive day.

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