Gold futures climb back above $1,200 to settle at a nearly 2-week high

New York (Oct 2)  Gold pricesclimbed back above $1,200 an ounce on Tuesday to settle at a nearly two-week high, with concerns surrounding Italy's budget deficit prompting some haven demand for the precious metal. December gold GCZ8, +1.27% rose $15.30, or 1.3%, to settle at $1,207 an ounce. That was the highest finish since Sept. 20 for a most-active contract, according to FactSet data.

By 2:55pm EST, spot gold was up $11 at $1,203, while spot silver was up nearly 1% at $14.48. However, spot palladium fell nearly $4 to $1,047.

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