US gold futures rebounded sharply on Wednesday, closing above $830 an ounce on the back of an oil rally and as buyers emerged in an oversold market following a recent sell-off, traders said. December settled up $16.90, or 2.1 percent, at $831.50 on the COMEX division of New York Mercantile Exchange at 10:05 am EDT.
GOLD: December ranged between $836.40 and $811.50, which was near an eight-month bottom. COMEX estimated 1:00 pm EDT (1700 GMT) volume at 166,444 lots, with options turnover 10,162 lots. Spot gold at $825.85/826.85 at 2:15 pm EDT (1815 GMT), compared with $814.50/815.50 late Tuesday.
SILVER: September ended up 36.0 cents, or 2.5 percent, at $14.845 an ounce after nearly slipping below $14 on Tuesday. Range from $14.890 to a bottom of $14.350. Spot silver at $14.82/14.88, compared with $14.60/14.66 late Tuesday. Estimated 1:00 pm volume 38,148 lots.
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