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Gold is rising as bargain-hunting investors buy contracts, convinced that continuing economic uncertainty will bolster the value of precious metals.
Gold for December delivery rose $25.60, or 1.6 percent, to $1,641.60 an ounce Wednesday. December silver gained 51.3 cents, or 1.7 percent, to close at $30.352.
Gold prices have been sliding on concerns that a rally that began this summer was unsustainable. Gold hit a high of $1,891.90 an ounce on Aug. 22 and has fallen since then.
As gold flirts with $1,600 an ounce, it has become an attractive investment for those who think the European debt crisis will continue to roil currency markets and the global economy. Gold is often seen as a safe-harbor investment when the economy is uncertain.