Gold and silver futures climbed the most since September 2013 as a rally for oil prices revived demand for the metals as stores of value.
Crude futures in New York rose as much as 4.8 percent, rebounding from a five-year low. Gold earlier fell to a three-week low after Swiss voters rejected a measure that would’ve required their central bank to hold a portion of its assets in bullion. Prices erased this year’s losses as Moody’s Investors Service cut Japan’s credit rating and U.S. holiday spending slowed, fueling concern that global growth will falter.
Bullion dropped to the lowest since 2010 last month, partly on waning demand for a hedge against inflation. Federal Reserve officials have warned that lower energy prices could hold down consumer costs in the near term. Oil’s advance today is the first gain in more than a week.