Gold futures rose $454 an ounce Wednesday as some weakness in the U.S. dollar sparked fresh investor interest in the precious metal.
Gold for December delivery climbed to a high of $454.40 an ounce on the New York Mercantile Exchange, a level not seen since March 16. The contract gained $3.70 to close at $453.70 -- matching Monday's ending level.
Prices fell Tuesday but managed to hold at the $450 level, even after the dollar got a lift after a report that the nation's trade deficit narrowed in July.
"We think the ability to hold together is the result of a more diversified bull position in gold and the fact that inflation remains a threat," said Nell Sloane, analyst at NSFutures.com, in a daily commentary.