The Associated Press October 6, 2011, 3:20PM ET

Gold rises past $1,650 mark

Gold is above the $1,650 mark, easing concerns among traders that a major sell-off was underway.

Gold for December delivery rose $11.60 Thursday, or nearly 1 percent, to $1,653.20 an ounce Thursday. December silver gained $1.635, or 5.45 percent, to close at $32.005.

Many traders buy and sell gold based on market momentum. A sell-off last week pushed gold below $1,600 for the first time since July. Gold is down about 13 percent from its high of $1,891.90 in late August.

Some investors see a brighter future in gold, thanks to big stimulus measures from European central banks that promise to keep interest rates low.

Gold is often seen as safe investment when interest rates fall and currencies get cheaper to buy.


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