Gold futures moved modestly higher Wednesday afternoon, holding their ground near $660 an ounce with the metal's safe-haven appeal in the face of rising energy costs underpinning prices.

The market sees the need "of maintaining $655 for as many days as possible ... before a move to higher ground is undertaken with confidence," said Jon Nadler, an investment-products analyst at bullion dealers Kitco.com, in e-mailed commentary.
Gold for April delivery was last up 80 cents at $660.30 an ounce on the New York Mercantile Exchange.

In the previous session, the contract closed up $2.60 at $658.70 an ounce, after reaching a high of $663.70. It's up $6.70 from Friday's closing level, but the contract remains below Thursday's close of $663, which marked its loftiest in nearly six months.