Physical demand

Despite Wednesday's gain, gold futures are still about $250, or 25%, lower than their record high above $1,000 an ounce hit in March. Lower gold prices helped increase the metal's physical demand, the World Gold Council said in a report released Wednesday.

Moves by retail investors, including demand for bars and coins, resulted in a net inflow of 232 tons (7.46 million ounces) in the third quarter, compared to 105 tons in the same period a year ago.

"Gold's universal role as a store of value and safe haven helped attract investors and consumers to all forms of gold ownership during the quarter," James Burton, chief executive of the WGC, said in a news release.

The report, compiled independently for the council by GFMS Ltd, also showed massive outflows from institutional investors, who struggled to sell their best assets for much-needed cash. See related story.