Gold prices closed slightly higher Wednesday, as worries about banks sent investors in search of safety.
Also giving gold a boost was some weakness in the dollar against the euro. Gold prices often trade inversely with the dollar because investors use the precious metal as a hedge against inflation and a weak greenback.
Gold, a safe-haven investment, has been taking its cues from the stock market in recent weeks, falling as investor appetite for stocks rises and gaining when stocks sell off.
On Wednesday, stocks mostly rose, but gains were stifled somewhat by ongoing concerns about the financial sector. Disappointing reports from Morgan Stanley and Capital One Financial Corp. weighed on investors, despite improving results from companies like AT&T, Boeing and McDonalds.
Wall Street has risen more than 20 percent off of 12-year lows since early March. But mixed corporate earnings reports have been testing that rally.
Gold for June delivery added $9.80 to settle at $892.50 an ounce on the New York Mercantile Exchange.
May silver jumped 24.5 cents to $12.3050 an ounce, while July copper futures slipped 1.95 cents to $2.0605 a pound.
Oil prices inched higher on the Nymex, despite evidence that Americans are cutting back on energy consumption. Government data showed the country is using less petroleum than it has in the past 10 years.
Light, sweet crude for June delivery rose 30 cents to settle at $48.85 a barrel.
In other Nymex trading, heating oil lost 3.3 cents to $1.3149 a gallon, while gasoline for May delivery was down 4 cents to $1.3745 a gallon.
Grain prices mostly rose on the Chicago Board of Trade.
July wheat futures gained 7.25 cents to $5.28 a bushel, while corn for July delivery dipped 0.5 cent to $3.8250 a bushel.
