Gold rises as investors take position ahead of New Year

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as investors took position ahead of the New Year.

The most active gold contract for February delivery rose 5.2 U.S. dollars, or 0.29 percent, to close at 1,784.7 dollars per ounce.

The U.S. Labor Department reported on Tuesday that U.S. nonfarm business sector labor productivity decreased 5.2 percent in the third quarter of 2021, the largest decline in quarterly productivity since the second quarter of 1960. The figure is also supportive of gold.

Nevertheless, soaring U.S. stock market indexes and rising U.S. treasury yields capped gold's growth.

Silver for March delivery rose 26 cents, or 1.17 percent, to close at 22.523 dollars per ounce. Platinum for January delivery rose 13.6 dollars, or 1.45 percent, to close at 950 dollars per ounce.