A weakened U.S. dollar and rising oil prices helped propel precious metal prices higher Wednesday. New York silver, gold and platinum futures gained 3.6 percent, 4.5 percent and 3.4 percent, respectively.
January crude-oil rallied $1.45, or 3.4 percent, to $43.52 a barrel. Reports speculate Saudi Arabia may cut production in January. And in unleaded gasoline news, AAA says the average price declined 1.5 cents to $1.683 a gallon.
March silver gained 35 cents to close to $10.20 an ounce.
January platinum rose $27.50 to end at $840 an ounce.
Gold for February jumped $34.60 to settle at $808.80 an ounce.
"Stock futures and commodities cheered the automotive news, while the dollar fell marginally as indications of a spark of risk appetite held it under," said senior analyst Jon Nadler at Kitco Bullion Dealers.
"New York bullion prices rose at the opening of the mid-week session, helped primarily by a hefty gain in crude oil values," added Nadler.
U.S. House congressional leaders reached an agreement with the White House to provide $14 billion in an auto bailout. A vote on the proposal is expected Wednesday evening.
Gold, considered a hedge during times of high inflation and economic uncertainty, tends to follow oil and move opposite to the U.S. dollar. A rising greenback makes dollar-denominated commodities, like bullion, more expensive for holders of other world currencies. When prices are falling and economic activities are shrinking, gold prices tend to move lower.
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