Summary Box: Gold up on European bailout fund news

AP News
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Posted: Oct 24, 2011 4:02 PM
Summary Box: Gold up on European bailout fund news

PRECIOUS METALS RISE: Gold for December delivery rose $16.20, or 1 percent, to settle at $1,652.30 an ounce. December silver was up 45.1 cents, or 1.45 percent, to close at $31.644.

EUROPEAN BAILOUT: European finance ministers could implement a bailout package worth more than $1 trillion. Inflation could increase if Europe initiates a massive bailout of banks and indebted nations. Traders often buy gold to protect against inflation.

OIL ALSO UP: Oil prices rose on optimism that economic growth will gain strength in the United States and Asia. Benchmark crude gained $3.87, or 4.4 percent, to end at $91.27 per barrel.