News Summary: Price of gold hits 2012 high

AP News
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Posted: Sep 21, 2012 3:31 PM
News Summary: Price of gold hits 2012 high

GOLDEN HIGH: The price of gold reached a high for the year Friday amid speculation that Spain may request financial help from European countries. Investors buy gold as a hedge against inflation and volatility in currencies.

WAITING ON SPAIN: Spain's borrowing costs have dropped sharply since the European Central Bank said it will buy government bonds to help financially troubled countries. Analysts speculated that Spain is developing a new economic reform program that will include a request for money from Europe's bailout fund.

WINNERS, LOSERS: Prices rose for oil, copper, wheat, corn and soybeans. Silver fell.