News Summary: Gold prices hit 4-month high

AP News
Posted: Aug 23, 2012 3:39 PM

GOLDEN GLIMMER: Gold hit a four-month high after lackluster manufacturing data in China renewed expectations that it may take more action to help the economy. Gold often is used as a hedge against inflation.

CHINA'S BLUES: A survey showed China's manufacturing production fell to a nine-month low in August. That suggests the recovery in China, a huge importer of commodities, is taking longer than expected.

MINE SUPPLIES: Platinum and palladium prices rose on worries that labor disputes may disrupt supplies from South African mines. Both metals are used in everything from automobile catalytic converters to jewelry.