The Associated Press

Metals and energy futures prices posted modest gains Thursday, a day after a broad decline in commodities markets.

Crude oil edged higher, after its biggest drop of the year on Wednesday. Crude rose 65 cents to $85.09 a barrel. Most other energy prices also rose.

Gold gained $12 to settle at $1,726 an ounce. Other metals prices also were higher.

Prices for grains and beans were mixed. Corn and soybeans fell, while wheat rose.

Markets remained volatile in the wake of the U.S. presidential election. Traders worried about the possibility that Congress won't act in time to avoid a fiscal crunch with the expiration of tax cuts combined with automatic spending cuts set to kick in at the end of the year.

In other December metals contracts, silver rose 57.9 cents to finish at $32.24 per ounce; copper rose 2.8 cents to $3.4695 per pound and palladium rose $4 to $614.35 an ounce. January platinum ended up $3 at $1,542.50 an ounce.

December wheat rose 8.5 cents to end at $9.025 a bushel, December corn fell 3 cents to $7.4125 per bushel and January soybeans fell 11.25 cents to $14.9575 per bushel.

In other energy trading, wholesale gasoline rose 1.84 cents to $2.6073 per gallon, heating oil fell 0.67 cent to $2.9554 per gallon and natural gas rose 3 cents to $3.608 per 1,000 cubic feet.

Copyright 2012 The AP.