Gold climbs back, up 3.6 %

Gold prices gained sharply in New York Tuesday as equities and gold sought a new balance after turbulent trading. On the Comex division of the New York Mercantile Exchange, gold gained $58.90 to reach $1,653.70 per troy ounce. Equities rose on Wall Street with blue chip stocks up 1.33 percent. The second straight day of gains follows a week in which the Dow Jones industrial index lost more than 500 points or about 6 percent. Gold prices have been seeking a new balancing point after closing less than a dollar from $1,900 in late August. The dollar index on Tuesday dropped 0.41 percent to 77.78, which gave gold a lift. The dollar was lower in Asia and Europe, gaining only in Indonesia, Japan, Argentina, Norway and Egypt. The euro rose to $1.3593 from Monday's $1.3532. Against the yen, the dollar rose to 76.80 yen from 76.37 yen. The British pound rose to $1.5533 from $1.5565. The U.S. standard was 7.7978 Hong Kong dollars from Monday's 7.7984 Hong Kong dollars.