Gold futures on the COMEX division of the New York Mercantile Exchange rose on Wednesday as the U.S. dollar weakened.
The most active gold contract for December delivery rose 12.7 U.S. dollars, or 0.67 percent, to close at 1907.3 dollars per ounce.
Gold also found support as three major U.S. stock market indexes all went down on Wednesday.
A report released by the U.S. Department of Labor on Wednesday showed the producer price index rose 0.4 percent in September, the fifth consecutive increase. Market analysts hold that this indicates potential inflation, supporting gold.
Daily increase of COVID-19 case counts in the United States and Europe, and the uncertainty over the upcoming U.S. election are causing fear in the market, leading investors to the precious metal, driving up the price, market analysts hold.
Silver for December delivery rose 26.6 cents, or 1.1 percent, to close at 24.395 dollars per ounce. Platinum for January delivery fell 9.9 dollars, or 1.13 percent, to close at 863.4 dollars per ounce.
