Gold rose 1 percent on Wednesday to a one-month high on growing hopes for a European rescue plan for Spain's debt-stricken banks, and as signs of a U.S. economic slowdown fueled speculation of further monetary easing.

Silver jumped 4 percent, on track for its biggest one-day rise in more than three months, as U.S. equities and industrial commodities rallied on better economic sentiment after sources said Germany was warming to the idea of a face-saving European bailout for Spain's banks.