Gold, silver climb on European debt concerns

NEW YORK (AP) — Precious metals are at their highest prices in two weeks as Portugal's debt woes add to Europe's financial problems.

Gold for August delivery rose $16.50 Wednesday to settle at $1,529.20 an ounce. September silver climbed 50.6 cents to settle at $35.916 an ounce.

Gold and silver are seen as stable stores of value. Many investors buy them when they're concerned about instability in other financial markets.

Portugal's borrowing rates rose after Moody's downgraded the government's debt. The ratings agency says there are concerns that Portugal may be unable to meet debt reduction targets.

European government leaders are trying to finalize a second installment of emergency loans for Greece by September.

Other commodity prices are mixed.