Commodities fall as concerns about a weak global recovery mount; Dollar rises
By APThursday, February 4, 2010
Commodities tumble on global demand concerns
NEW YORK — Most commodities prices are tumbling on concerns that a global economic recovery isn’t as strong as hoped and as debt problems mount in Europe.
Price for oil, metal and other basic materials fell sharply as investors reduced their appetite for risk. Stock prices also tumbled, with the Dow Jones industrials falling nearly 270 points.
The dollar spiked on new concerns about how Greece, Portugal and Spain will cope with their mounting levels of debt.
The rising dollar was another blow to commodities, and helped push gold down $49, or 4.4 percent, to settle at $1,063 an ounce.
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