News Summary: Gold rises on Spain's austerity plan

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News Summary: Gold rises on Spain's austerity plan

By The Associated Press

GOLDEN MOVE: Gold surged after Spain unveiled a round of budget cuts that raised expectations the country soon could seek bailout money. The price is up about 13 percent this year.

WATCHING CHINA: China said total profits for its biggest industrial companies fell in August. And its largest steelmaker closed a mill, a sign of weaker economic growth. Analysts say that's increased speculation the country's central bank soon will approve new steps to promote the economy.

WINNERS, LOSERS: Prices rose for copper, silver, oil, gasoline and natural gas. Wheat, corn and soybeans fell.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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