Summary Box: Gold prices whipsaw

AP News
Posted: Jul 27, 2011 4:42 PM
Summary Box: Gold prices whipsaw

PRICE SWINGS: Gold for August delivery went as high as $1,627.90 an before settling down $1.70 at $1,615.10 an ounce.

UNCERTAIN NEWS: Gold trading is volatile because investors are buying or selling based on every headline about the debt debate. If Congress can't reach a deal to raise the debt ceiling by Aug. 2, the U.S. could default on its debt, which would send gold prices higher.

OIL FALLS: Oil prices fell after the nation's oil and gasoline supplies rose, with benchmark crude losing $2.19 to settle at $97.40 per barrel.