US gold futures gained on Wednesday as a rally in crude oil prices boosted bullion's inflation hedge appeal, but analysts said they have not yet seen a sign of gold's market bottom. December gold was up $3.20 at $820.00 an ounce on the Comex division of New York Mercantile Exchange at 10:11 am EDT (1411 GMT).
Ranged from $811.30 to $824.50. Bullion supported by higher crude oil futures, which were boosted by Goldman Sach's reiterating its call for a year-end price of $149 a barrel, ahead of fresh inventory data. Worries about the health of financials and credit markets could increase gold's status as a safe haven investment, Citi Futures Perspective Director David Rinehimer said.
Comex estimated 10:00 am volume at 57,139 lots, with options turnover 3,641 lots. Spot gold was quoted at $812.20/813.20 at 2:15 pm EDT (1815 GMT) versus $810.70/811.90 late Tuesday. September silver was up 2.0 cents at $13.125, in a range from $13.04 to $13.40. Spot silver was at $13.13/13.19 compared with $13.15/13.21 late Tuesday. Estimated 10:00 am volume 11,367 lots.
October platinum was up $26.70, or 2 percent, at $1,378.00 an ounce on bargain hunting after the previous session's sharp losses. Spot platinum was at $1,368.50/1,388.50. September palladium was up $1.45 at $285.30 an ounce. Spot palladium was at $281.00/289.00.
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