Summary Box: Gold prices top $1,500 an ounce

AP News
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Posted: Apr 19, 2011 4:30 PM
Summary Box: Gold prices top $1,500 an ounce

GOING FOR GOLD: Investors sent gold prices above $1,500 an ounce on concerns about the U.S. government debt, European financial problems and inflation. Gold later settled at $1,495.10 an ounce.

ECONOMIC WORRIES: Investors are worried after Standard & Poor's Rating Service lowered its long-term outlook on U.S. government debt because of the massive budget deficit. Europe is dealing with financial issues and several countries are coping with inflation.

DRY-WHEAT: Wheat prices rose after a government report showed 36 percent of the winter wheat crop was in good-to-excellent condition. That compared with 69 percent a year ago.