Gold moved above $900 an ounce on Thursday, marking a near three-week high. Silver surged forward for a gain of 45 cents. Platinum, U.S. stocks and crude-oil also advanced.
In New York trading futures for bullion:
Silver for May delivery jumped 3.7 percent to $12.755 an ounce.
Gold for June rose $14.10, or 1.6 percent, to $906.60 an ounce.
- July platinum gained $9.30, or 0.8 percent, to $1,188.00 an ounce.
"New York spot bullion prices opened on a continuing steady note, still supported by pre-festival Indian buying and by financial sector uncertainties," wrote Jon Nadler, senior analyst at Kitco Bullion Dealers.
"As a safe-haven and potential anti-inflation wealth vessel, the yellow metal continued to remain attractive to more people, and at a higher percentage allocation than historically. As a value play however, the jury remains very much out on bullion," Nadler added.
In spot bullion, the benchmark London gold fix price stood at $897.50, or $11.50 higher than Wednesday. Silver gained 31 cents to $12.43 an ounce. Platinum was fixed $3.00 higher to $1,177.00.
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.
Oil and gasoline prices
Oil climbed for a third straight day. Crude for June delivery rose 77 cents, or 1.6 percent, to $49.62 a barrel. AAA said the national average for unleaded gasoline was one-tenth of a cent higher than Wednesday, rising to $2.063 a gallon.
In another volatile day of trading, U.S. stocks advanced late to record modest gains.
The Dow Jones industrial average rose 70.49 points, or 0.89 percent, to 7,957.06. The S&P 500 Index climbed 8.37 points, or 0.99 percent, to 851.92. The Nasdaq Composite gained 6.09 points, or 0.37 percent, to 1,652.21.