Gold futures climbed above $580 an ounce Wednesday morning, attempting to recoup the prior day's loss as oil prices edged higher after a group of key oil producers finally agreed to cut production.

"If gold does indeed deserve to close out the year on a high(er) note, it will do so only after having proven to its faithful that it does retain its security blanket attributes after all," said Jon Nadler, an investment products analyst at bullion dealers Kitco.com.

"It is not that gold's fundamentals are shaky; it just needs to re-align itself with one or more traditional drivers of demand and exhibit better correlation," he said.
Gold for December delivery climbed by $6.60 at $576.20 an ounce on the New York Mercantile Exchange, after losing $6.60 in the previous session.

On Wednesday, Edmund Daukoru, president of the Organization of the Petroleum Exporting Countries who also serves as Nigeria's oil minister, said OPEC has agreed to cut its global production by 1 million barrels per day in a move to boost prices, but were still discussing how to share the cut, Dow Jones Newswires reported.

Meanwhile, other metals followed gold's lead higher on Nymex, with the exception of platinum, which saw its January contract fall by $3.70 to $1,072 an ounce.

December silver futures was up 17 cents at $11.39 an ounce, December palladium added $2.40 to $304 an ounce and December copper tacked on 2.25 cents to trade at $3.4005 a pound.

On the supply side, gold stocks were unchanged at 7.86 million troy ounces as of late Tuesday, according to Nymex data. Silver supplies fell by 32,713 troy ounces to 105.2 million, but copper supplies rose by 370 short tons to 21,568 short tons.

In equities, metals-mining shares traded on a mixed note after closing more than 1% higher on Tuesday.