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By Bloomberg

Gold advanced from a three-week low as crude oil rallied amid signs of rising physical demand. Platinum climbed from the lowest level since 2009.

Bullion for immediate delivery gained as much as 0.6 percent to $1,182.96 and traded at $1,179.31 an ounce by 1:59 p.m. in Singapore, according to Bloomberg generic pricing. The metal sank to $1,170.76 yesterday, the lowest level since Dec. 1. U.S. oil futures for February delivery increased 1.2 percent today after dropping 3.3 percent yesterday.

Crude in New York and London is more than 40 percent below its 2014 peak in June. Gold traders often track the cost of oil, which can impact consumer costs and inflation. Holdings in the SPDR Gold Trust, the largest exchange-traded product backed by bullion, were unchanged yesterday after climbing to the highest in a week on Dec. 19. The Federal Reserve pledged last week to be patient on the timing for higher rates.

“Gold will tend to be influenced by the price direction of other commodities, with oil being the biggest and most influential,” James Steel, an analyst at HSBC Securities (USA) Inc., said in a note. Gold’s recent “drop may encourage price- sensitive emerging market buying, notably from China.”

Assets in the SPDR Gold Trust were unchanged at 724.55 metric tons after rising 0.4 percent on Dec. 19. Trading of the Shanghai Gold Exchange’s benchmark bullion spot contract advanced on Dec. 18 to the highest since April 2013.

Gold for February delivery was little changed at $1,178.90 an ounce on the Comex in New York. Futures dropped to $1,170.70 yesterday, the lowest intraday level since Dec. 1.

Silver for immediate delivery added 0.3 percent to $15.7266 an ounce, after dropping 2.5 percent yesterday. Spot platinum rose 0.3 percent to $1,185.63 an ounce after declining yesterday to $1,176.75, the lowest level since July 2009. Palladium traded at $813.25 an ounce from $810.90 yesterday.