Gold futures moved in bullish rally on Tuesday and crossed the psychological barrier of $1,800 in reaction to uncertainty over euro zone’s sovereign debt crisis. Investors were also very keen about the latest US Federal Reserve meeting and were hoping for significant measures to improve the US economy. Analyst Tom Pawlicki from MF Global in Chicago commented, “There’s some move to safety” as Europe’s sovereign-debt crisis continues.”

Gold futures contract for December delivery jumped 1.7 percent or $30.30 to settle at $1,809.10 per ounce on Comex trading of the New York Mercantile Exchange. Investors shifted their focus towards the safe haven status of the precious metal as Standard and Poor’s  Rating Services reduced the Italy’s long term credit rating to A from A-plus and short term credit rating to A-1 from A-1-plus.

Analysts from GoldCore commented, “The rating cut doused cold water over Italy’s capacity to address their public finances, As long as governments cower from their responsibilities to balance their budgets and continue to print money instead of paying their bills, gold will likely appreciate in paper money terms.”

Among other metals, copper futures contract for December delivery fell 1.5 percent or $0.06 to $3.73 on Tuesday. Silver futures contract for December delivery gained 2.5 percent or $0.97 to $40.14 per ounce.

Platinum October contract gained 0.6 percent or $9.90 to $1,781.90 per ounce while palladium futures contract for December delivery advanced 0.8 percent or $9.90 to $717.75 per ounce.