Gold rebounds as economic fears resurface

After a steep drop, gold prices are rebounding on renewed concerns about debt problems occurring in Europe and higher jobless applications. The sudden increases and decreases in the gold prices have been reflective of the current day's news stories.

By The Associated Press
August 25, 2011, 3:14PM ET
Businessweek

Gold prices are rebounding on renewed concerns about Europe's debt problems and as more people in the U.S. apply for unemployment.

Gold rose $5.90 to finish at $1,763.20 an ounce Thursday. It fell $134.60 in the past two days.

It's the latest in a string of price changes that have occurred in August as investors trade contracts based the economic news of the day.

The U.S. government says jobless applications rose last week to the highest level in a month, although the figure was inflated by thousands of striking Verizon workers.

In Europe, debate continues about the best way to resolve debt problems in several countries.

In other trading, oil and energy products are higher while metals and agricultural contracts are mixed.

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