News Summary: Gold goes back above $1,600 an ounce

AP News
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Posted: Jun 12, 2012 5:06 PM
News Summary: Gold goes back above $1,600 an ounce

SEEKING SAFETY: The still-unsettled situation in Europe kept demand strong for precious metals. Gold and silver each rose about 1 percent. Platinum gained nearly half a percent. Gold closed back above $1,600 an ounce, settling at $1,613.80, up $17.

SPAIN'S PAIN: A plan announced over the weekend to provide emergency funding for Spain's banks left many questions open about the plan. Spain's borrowing rate rose to a euro-era high.

TRAIL MIX: Prices for agricultural commodities were mixed. Wheat fell 14.5 cents to $6.16 per bushel, corn fell 8 cents to $5.84 a bushel and soybeans rose 10.25 cents to $14.35 per bushel.