Gold and Silver prices continued to rally Wednesday as uncertainty over energy prices made precious metals an attractive place to park money.
Gold and silver had sagged earlier this year as investors started feeling more confident about moving money into stocks. But rising oil prices and political uncertainty in the Middle East have brought precious metals back into favor.
Gold for April delivery rose $6.50 to settle at $1,437.70. Silver for May delivery rose 40.8 cents to settle at $34.835 an ounce.
In other metals contracts, copper fell 1.05 cents to settle at $4.48 a pound.
Palladium gained $5.95 at $822.65 an ounce. Platinum rose $14.20 to $1,859.30 an ounce.
Oil prices increased as fighting escalated in Libya and petroleum demand grew in the U.S.
Benchmark oil for March delivery rose $2.60 cents to settle at $102.23 a barrel on the New York Mercantile Exchange.
In other Nymex trading, heating oil gained 3.42 cents to settle at $3.0577 per gallon, gasoline rose 4.61 cents to settle at $3.0295 per gallon and natural gas lost 5.5 cents to settle at $3.818 per 1,000 cubic feet.
Grains and beans were mixed.
In May contracts, wheat gained 1 cent to settle at $8.1125 a bushel, corn lost 14 cents to settle at $7.215 a bushel and soybeans rose 19 cents to settle at $13.9425 a bushel.
