The price of gold is now up about $25 an ounce.

In morning trade in New York on Tuesday, gold futures spiked from about $1,185 an ounce to north of $1,200 in just a few minutes., a gain of more than 1.5%.



Near 10:00 am ET, gold took another jump higher, climbing to nearly $1,210 an ounce, bringing its gain in just a few hours on Tuesday morning to about $25 an ounce.

Nothing major was happening in markets Tuesday to act as an obvious catalyst for the rise, as markets are fairly quiet between holidays, and the price of oil — which is the more closely watched commodity these days — is doing nothing.

Either way, here's the huge spike in gold on Tuesday, charted.