NEW YORK—Prices for gold and other metals rebounded Wednesday as the dollar lost ground against other major currencies.

The dollar declined as stocks moved higher after reports showing stabilization in the manufacturing sector both in the U.S. and abroad stoked some risk taking among investors.

Precious metals benefit from a weak dollar as investors often use gold as a hedge against inflation.

Metals reversed big losses from the day before that had been sparked by a weak report on consumer sentiment.

After running up prices for commodities since ...

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