Gold, other metals end lower; oil prices rise

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Associated Press

Posted on July 2, 2013 at 3:22 PM

Updated Tuesday, Jul 2 at 3:22 PM

Gold and other metals are closing lower.

Crude oil rose to almost $100 a barrel as traders worried that growing unrest in Egypt might lead to disruptions in the flow of oil from the Mideast.

Gold for August delivery lost $12.30, or 1 percent, to settle at $1,243.40 an ounce Tuesday. Most other metals also fell.

The price of crude oil rose as Egypt's political crisis deepened, raising worries that the flow of oil from the Mideast might be disrupted. Protesters want Egyptian President Mohammed Morsi out.

Oil rose $1.61, or 1.6 percent, to $99.60 a barrel in New York. It rose as high as $99.87. Oil last crossed $100 a barrel on Sept. 14.

Crop prices were mixed. Wheat and corn rose but soybeans edged lower.

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