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Gold prices recovered some ground Wednesday after falling for eight consecutive sessions, lifted by a rebound in oil prices and the conflict between Russia and Georgia.
Gold for December delivery rose by $15 to $829.60 an ounce by midday trading on the New York Mercantile Exchange.
On Tuesday, gold closed down 21 percent from its March record of $1,033.90 an ounce.
"We've had a tremendous sell-off. Traders are looking for an excuse to buy back in, and they found one," said Larry Young, an analyst at Infinity Brokerage.
Soon after both Russia and Georgia said they would agree to a cease-fire after Moscow's attacks on the former Soviet republic, the Bush administration on Wednesday expressed doubt that Russia was adhering to the agreement.
Gold has recently been a volatile commodity driven largely by speculative buying and selling, but traditionally, it is regarded as a safe-haven investment during political instability and an uncertain economy.
Other metals also gained back recent losses. Silver for September delivery rose 20 cents to $14.685 an ounce on the Nymex. September copper rose 11.8 cents to settle at $3.3455 a pound.
Meanwhile, a jump in oil prices helped lure investors back to the broader commodities market.
Crude oil for September delivery rose $3.10 to $116.11 a barrel on the Nymex, after the government reported a drop in U.S. gasoline supplies and an unexpected decline in crude stockpiles.
September gasoline futures rose 8.29 cents to $2.9261 a gallon, while September heating oil futures rose 6.18 cents to $31.399.
The agricultural markets saw renewed interest as well.
Wheat for September delivery rose 18.75 cents to $7.87 a bushel, while December corn rose 12 cents to $5.405 a bushel. November soybeans rose 21 cents to $12.35 a bushel.
© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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