Summary Box: Gold tops $1,600 on debt woes

AP News
Posted: Jul 18, 2011 3:36 PM
Summary Box: Gold tops $1,600 on debt woes

GOLD SHINES: Gold settled at $1,602.40 an ounce as debt problems dogged the United States and Europe. The price was a record in dollar terms but below the peak reached in the 1980s after accounting for inflation.

DOLLAR PLAY: The dollar grew stronger against other currencies. Commodities are priced in dollars so a stronger dollar makes them more expensive for investors who use other currencies like the euro.

MIXED BAG: Prices for platinum and palladium rose, benefiting from gold's gains. Copper, grains and beans fell while most energy products settled lower.