Daily Gold Update

Source: Marketwatch.com

San Francisco— Gold futures climbed over 1% Wednesday to tally a three-session win of nearly $10 an ounce with broad market uncertainties and strength in oil supporting gold's safe-haven status.

Some "good trade buying on the lows last week" helped curb the slide in gold prices, said Thomas Hartmann, an analyst at Altavest Worldwide Trading.

Also, "energy prices are rebounding … and we should see a corrective leg up on winter demand worries," he said.

Moreover, "a strong U.S. economy is helping metals prices by encouraging physical demand of the products," he said.

Gold for December delivery climbed $5.20 to close at $467.50 an ounce on the New York Mercantile Exchange, a level not seen since Oct. 28. Prices are up 2% since Friday.

All in all, "gold may not be out of the woods yet, in terms of resuming its bullish advance, but gold bugs should be encouraged by this support," said Hartmann, adding that he sees the long-term outlook on gold as remaining very positive.

Also on Nymex, December silver rose to an intraday high of $7.74 an ounce, its loftiest in more than a week. The contract closed up 5.3 cents at $7.678 an ounce.

Rounding out the metals action, January platinum rose $12.50, or 1.3%, to finish at $956.20 an ounce and December palladium closed at $238.65 an ounce, up $5.65.

Copper was the lone loser, with its December contract down 0.65 cent to close at $1.8315 a pound.

As for U.S. inventories, copper supplies were unchanged at 3,690 short tons as of late Tuesday, according to Nymex. Silver stocks were up 1.0 million troy ounces at 116.7 million, while gold inventories stood at 6.40 million troy ounces, unchanged from the previous session.