NEW YORK ( TheStreet) -- Gold prices rose to over $1,200 an ounce Tuesday as fears of the Dubai debt crisis appear to have abated and the dollar moved lower.

Gold futures for February delivery, the most active contract, were trading at $1,196.70 an ounce, up $14.40 as of 5:20 a.m. on Tuesday. Gold futures rose to as high as $1,200.50 an ounce intraday in electronic trading at the Globex division of the New York Mercantile Exchange.

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Gold prices fell Friday on uncertainty over Dubai's financial troubles and as investors sold gold to pay for losses, but were rebounding Tuesday on news that Dubai was working on restructuring its debt.

Gold for December delivery, the front-month contract, was trading at $1,195.70, up $14.60.

-- Reported by Joseph Woelfel in New York .

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