Gold up more than 1.5% in just minutes

Live gold prices by Kitco.com

Gold prices spiked in New York on Tuesday morning, gaining more than $15 an ounce in a matter of minutes and almost hit $1,210 before 10:00 am.

Worries over tension between Russia and the West, a fresh wave of political uncertainty in Greece, and a weaker dollar helped push the precious metal through key chart levels, triggering fresh buying.

Gold for February delivery, the most actively traded contract, recently was up $22.20, or 1.9%, at $1,204.10 a troy ounce, its highest intraday price in more than a week on the Comex division of the New York Mercantile Exchange.

And while the trend in gold has been negative this year, with prices down 14% from their highs, some believe that $1,200 will be the new normal for the precious metal in 2015.