Gold futures reached the highest level since December 1987 on Tuesday
Gold futures surged Tuesday to $480 an ounce, the highest level since December 1987, amid higher oil prices.
Gold for December delivery reached as high as $481.50 an ounce on the Comex division of New York Mercantile Exchange before closing at $479.80, up $1.80, or 0.4%. Prices haven't closed at a level this high in nearly 18 years.
"Gold looks set to remain in its current uptrend for the moment, with fresh investment interest keen to drive the market higher," said James Moore, an analyst at TheBullionDesk.com.