New York gold and platinum futures fell 0.6 percent and 2.3 percent respectively on Wednesday. That, despite surging oil prices and a mostly unchanged U.S. dollar. Silver shined, rising 2.3 percent.
March crude-oil rallied $2.71, or 6.6 percent, to close to $43.55 a barrel. The average price for regular unleaded gasoline increased a half cent to $1.848 a gallon, according to AAA.
March silver gained 14.5 cents to close at $11.32 an ounce.
April platinum declined $21.70 to $927.60 an ounce.
Gold for February lost $5.10 to settle at $850.10 an ounce.
"Essentially, a long gold view now is a view that inflation will be higher than what central banks are suggesting they are willing to accept," Morgan Stanley analysts who forecast $900 an ounce gold in 2009 said in a research report quoted on MarketWatch.
"A globally synchronous and aggressive fiscal and monetary stimulus may be needed to re-inflate the global economy, and we think this continues to present significant upside to gold prices."
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.