Gold jumps the most in almost 10 months

AP News
Posted: Apr 25, 2013 4:17 PM

Gold is surging the most in 10 months after traders judged that a slump in the price for the precious metal was overdone.

June gold rose $38.30 an ounce, or 2.7 percent, to $1,462 an ounce, its biggest one-day gain since June 29.

Investors dumped the precious metal April 15 on concerns that Cyprus' central bank and other central banks in southern Europe would sell their holdings of gold to help pay off their debts. Gold also plunged as other commodities fell after China's economic growth slowed in the first quarter.

The precious metal plunged $140 that day, its biggest sell-off in 30 years.

Silver, copper, palladium and platinum also rose Thursday.

In agricultural futures trading, wheat, corn and soybeans also rose.