Gold headed back above $900 an ounce on Wednesday after falling for two straight days. New York silver, gold and platinum futures climbed 1.4 percent, 1.1 percent and 0.6 percent, respectively.
March crude-oil lost 46 cents, or 1.1 percent, to close to $40.32 a barrel. The average price for regular unleaded gasoline climbed a penny for the second straight day to $1.90 a gallon, according to AAA.
March silver gained 17 cents to close at $12.47 an ounce.
April platinum rose $6.20 to $969.70 an ounce.
Gold for February gained $9.60 to settle at $901.60 an ounce.
"Worldwide, gold is seen as a safe place to be," Frank Lesh, a trader at FuturePath Trading LLC in Chicago, was quoted at Bloomberg. "It’s one of the few assets that made money last year. Everybody wonders: Where should I go with my money this year? When you look around, gold is one of the few recipients."
In spot trading, the London afternoon gold-fixing price — a benchmark for gold traded directly between big institutions — stood at $905.00. London silver and platinum were at $12.40 and $962.00, respectively.
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.