NEW YORK—Gold rose to a two-week high in seesaw trading Tuesday as a jump in crude oil fed investor demand for hard assets as inflation hedges.

Other commodities traded mostly lower, with copper, corn, soybeans and other agriculture futures falling.

Gold for December delivery fell $2.40 to settle at $828.10 an ounce on the New York Mercantile Exchange, after earlier rising to $853.60, its highest level since Aug. 11. Earlier Tuesday, gold dropped as low as $812 as a stronger dollar diminished the appeal of commodities as an alternative investment.

“Gold trie...

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