Summary Box: Gold, silver rise on default worries

AP News
|
Posted: Jul 29, 2011 4:10 PM
Summary Box: Gold, silver rise on default worries

GOLD RISES: Gold and silver prices shot higher Friday as investors worried about a possible U.S. debt default. Gold for August delivery jumped $15 to settle at $1,631.20 an ounce.

UNCERTAINTY: Economic worries were stoked by Friday's report from the Department of Commerce showing that economy expanded at a meager 1.3 percent annual rate this spring.

CONTRACTS DOWN: Most other commodities fell. Prices for corn, oil, platinum and gasoline fell on worries about weak economic growth.