Gold begins the week trading higher during uncertainty


AP

NEW YORK–Gold is started the week higher Monday as uncertainty deepened over Europe’s financial crisis. Gold for December delivery rose US$35, or 2 percent, to settle at US$1,791.10 per ounce. The price of gold often rises during times of financial uncertainty. Investors see the precious metal as a safe store of value and tend to turn to it instead of currencies or stocks when they’re fearful.

Copper prices fell on pessimism about the economy and the housing market. Copper is used as a raw material in everything from electronics to new housing construction, so its price is closely tied with economic growth. Crop prices were down, with the exception of wheat. December wheat gained 2 cents to finish at US$6.3875 per bushel. December corn fell 2.5 cents to end at US$6.5325 per bushel. November soybeans lost 19.25 cents to finish at US$12.0175 a bushel.