Summary Box: Gold rises past $1,650

AP News
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Posted: Oct 06, 2011 5:18 PM
Summary Box: Gold rises past $1,650

GOLD JUMPS: Gold for December delivery rose $11.60 Thursday, or nearly 1 percent, to $1,653.20 an ounce Thursday. December silver gained $1.635, or 5.45 percent, to close at $32.005.

EUROPEAN ACTIONS: Gold rallied on news that the European Central Bank offered to flood banks with any amount of one-year loans through 2013. The bank is the top monetary authority for the 17 euro nations. Lower interest rates typically boost gold's value.

IMPORTANT LEVEL: When gold closed above $1,650, it marked an important threshold for traders who buy and sell based on momentum of the market.