Gold rebounded in London yesterday to break back through $470 a troy ounce on the dollar's weakness and buying by investment funds. The precious metal was also boosted by rising crude oil prices, and by reaction to the nomination of Ben Bernanke to succeed Alan Greenspan as chairman of the Federal Reserve.

Gold climbed $7 to $472.40/473.20 a troy ounce in late afternoon London trade, from its late quote in New York on Monday. Bullion has bounced more than $10 in the past three sessions, indicating support for the metal at $460. But it remains off the near-18-year high of $480.25 hit two weeks ago.