Gold futures on the COMEX division of the New York Mercantile Exchange slightly rose in trading Wednesday, as buying from bargain hunters in wake of recent drops helped buoy up the sentiment.

The most active gold contract for April delivery gained 3.3 dollars, or 0.2 percent, to settle at 1,650.3 dollars per ounce.

Analysts said that gold regained some ground Wednesday after Tuesday's sharp losses, some traders seizing on the opportunity to buy gold at the bargain price.

Gold also took some support from Wednesday's rise in crude oil prices, which were up more than one percent after suffering Tuesday. The U.S. equities markets also were somewhat mixed Wednesday, the Dow posting losses while the NASDAQ saw some gains.

U.S. Federal Reserve Chairman Ben Bernanke testified before the House Oversight Committee Wednesday. Bernanke's comments that Europe may not yet be out of economic danger suggested that quantitative easing policies may still be an option for the European Central Bank in the future, which would bolster the gold camp.

U.S. Existing Homes Sales were also released Wednesday morning, showing a decline of 0.9 percent for February. However, January home sales were revised higher, making the combined January and February total the strongest in five years.

Silver also rose in trading Wednesday. Silver for May delivery increased 39.3 cents, or 1.23 percent, to close at 32.227 dollars per ounce. Platinum for April delivery lost 13.9 dollars, or 0.84 percent, Wednesday to close at 1,640.4 dollars per ounce.