Summary Box: Gold, silver jump on economic worries

AP News
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Posted: Oct 25, 2011 4:54 PM
Summary Box: Gold, silver jump on economic worries

GOLD, SILVER JUMP: Gold for December delivery jumped $48.10 Tuesday, or 2.9 percent, to settle at $1,700.40 an ounce. December silver was up 1.408 cents, or 4.5 percent, to close at $33.052. The rally puts gold 4 percent higher for the week, and silver 6 percent higher.

TROUBLED TIMES: The precious metals often gain value when traders are worried about economic stagnation or financial turmoil. On Tuesday, European finance ministers canceled a meeting to craft a rescue plan. U.S. stock markets fell on disappointing earnings and a drop in consumer confidence.

OIL ALSO UP: Benchmark oil rose $1.90 to $93.17 per barrel.