Gold jumped more than 1 percent to a three-week high on Tuesday, extending gains on safe-haven buying as stock markets slid on mounting concern over Greece's future in the euro zone and as oil prices tumbled.
Spot gold was last up 1.1 percent at $1,216.45 an ounce at, having earlier touched a peak of $1,222.40, its highest since Dec. 15. The metal rose 1.3 percent on Monday.
U.S. gold futures for February delivery settled up 1.3 percent at $1,219.40. Gold priced in euros hit its highest since September 2013 at 1,024.21 euros an ounce.
Political uncertainty in Greece ahead of the country's elections on Jan. 25 has renewed fears of a possible Greek exit from the euro zone. The S&P 500 fell below the 2,000 level for the first time since Dec. 17 on Tuesday, while other U.S. stock indexes extended their fall and the U.S. dollar turned lower against a basket of major currencies.