News Summary: Gold hits low of year on Europe woes

AP News
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Posted: May 09, 2012 3:42 PM
News Summary: Gold hits low of year on Europe woes

BIT OF TARNISH: Gold hit the lowest level of the year as uncertainty about Europe's political and economic future dominated financial markets. Gold for June delivery finished at $1,594.20 an ounce. That's the lowest price since Dec. 30.

EUROPEAN SPOTLIGHT: Most commodities fell as investors focused on Europe after weekend elections ousted French and Greek leaders who backed austerity measures to help curb debt. Borrowing rates increased in Italy and Spain.

WHAT'S NEXT: The U.S. Agriculture Department on Thursday will release its next update of global agricultural crop supplies and demand.