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News Summary: Europe’s crisis tempers gold’s gain

By The Associated Press
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SHIFTING GOLD: Gold rose slightly after a loan for Spain did little to alleviate concerns about a long-term solution to Europe’s financial crisis. Gold initially topped $1,600 an ounce but ended at $1,596.80 an ounce, which was up $5.40 from Friday.

EUROPEAN FOCUS: Attention is shifting to an upcoming election in Greece that could determine whether it will remain in the euro currency union. The outcome could affect global economic growth.

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INDUSTRIAL GAINS: Industrial metals rose after China’s exports jumped 15.3 percent in May from May 2011. The numbers are important because China is a huge importer of commodities.