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NEW YORK (AP) - Gold prices closed above $1,000 for the first time Monday, rising to a new record as uneasy investors flocked to the safe-haven metal following JPMorgan Chase & Co's. buyout of investment bank Bear Stearns Cos.
Other commodities fell in a broad sell-off, with crude oil dropping from a record and agriculture futures also trading sharply lower.
JPMorgan Chase & Co. said Sunday night it would buy Bear Stearns for $236.2 million — or $2 a share — in a deal worth a fraction of the investment bank's book value last week. The sale was approved by the Federal Reserve in a bid to avoid bankruptcy and restore confidence in distressed global financial markets, which are still reeling from last year's subprime mortgage meltdown.
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