Gold rises as consumer confidence weakens (AP)

Gold prices are climbing after new reports show consumers on both sides of the Atlantic are worried about the economy.

Gold rose $38.20 Tuesday to end at $1,829.80 per ounce. The price is up 13 percent since Aug. 1.

The reports found that consumer confidence fell in August in the United States and the 17 countries that use the euro. The news comes as government leaders in both regions struggle with financial problems.

In that uncertain environment, investors buy more stable assets, such as gold, until there is a better idea of where the global economy is headed.

Meanwhile, oil prices are rising as traders speculate that supplies may be tighter after Hurricane Irene forced several refineries and petroleum terminals to reduce production or shut down.

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/ap/20110830/ap_on_bi_ge/us_commodities_review

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