Gold rose on Wednesday as Asian buyers snapped up bullion after a three-day losing streak, taking the cue from a weaker dollar, with the ongoing eurozone debt crisis also supporting sentiment. Spot gold gained 0.4 percent to $1,491.26 an ounce by 0605 GMT. US gold rose 0.8 percent to $1,491.20. Spot silver rose 1 percent to $34.27 an ounce. US silver climbed more than 2 percent to $34.26.
Spot silver hit an all-time high at $49.51 in late April, buoyed by strong investment demand. But prices have fallen more than 30 percent since as successive margin hikes in COMEX silver futures, which nearly doubled trading costs drove investors away.