Gold hit two-month highs as falls in the global equity markets pushed investors to the perceived safer haven of precious metals.
World markets took a hammering with US knocked back by gloomy comments from the Fed, while the UK markets were hit by a potential downgrade to the country's credit rating.
Gold futures for June delivery gained $13.80 to $951.20 an ounce.
Troubles in the stock markets also knocked back oil prices. If the stock market struggles, then concern about the economy increases and that affects demand for crude.
While a report from the government Wednesday posted a dip in crude stockpiles, recession has hit demand so drastically that reserves, in relative terms, still remain high.
Light sweet crude for July delivery fell 99 cents to settle at $61.05 a barrel.
