Gold, silver bounce back after steady declines


NEW YORK–Gold and silver prices closed higher Tuesday as traders picked up contracts that have steadily lost value over the past several days. Gold for December delivery rose US$23.80, or 1.4 percent, to settle at US$1,702.40 per ounce. December silver gained US$1.835, or nearly 6 percent, to close at US$32.951 an ounce. Precious metal prices had been falling along with other metals in recent days. Last week, gold lost 3 percent and silver fell nearly 7 percent. Prices fell partly because traders became less worried about inflation. Traders were more worried that debt problems in the United States and Europe would slow economic growth. Slower growth tends to restrain inflation. Crop prices also rose. Corn for December delivery rose 1.25 cents, or 2 percent, to settle at US$5.99 per bushel. December wheat rose 2.5 cents, or less than 1 percent, to finish at US$5.94 per bushel.