Prices for gold, other metals rise as investor optimism grows amid CIT rescue, upbeat earnings

Commodities gain ground as risk appetite grows

NEW YORK — Prices for gold and other metals are rising in the wake of more upbeat earnings and news of emergency financing for troubled lender CIT Group.

Investors’ newfound optimism about the health of corporate America and the economy is driving them to put their money to work in riskier assets like stocks and commodities.

Buying was spurred by news that CIT Group reached a deal with its bondholders to help it avoid bankruptcy.

Meanwhile, a number of companies, including toy maker Hasbro, oilfield services company Halliburton and auto parts maker Johnson Controls all reported better-than-expected earnings.

Gold for August delivery is up $11.30 to settle at $948.80 an ounce on the New York Mercantile Exchange. September silver is up 1.7 percent.