Most commodities fall after concern about Greece, India rate hike boost dollar
By APFriday, March 19, 2010
Rising dollar hits prices of many commodities
NEW YORK — A rising dollar hit the prices of many commodities after concerns about the global economy pushed up demand for safe assets.
More questions about the Greek government’s financial problems Friday and a surprise interest rate increase in India increased demand for the dollar.
Most commodities are priced in dollars so when the dollar rises everything from oil to corn becomes more expensive for foreign buyers. That cuts into demand.
Gold for April delivery is down $19.65 at $1,107.60 an ounce. May silver has fallen 39 cents to $17.032 an ounce. Meanwhile, May copper is down 2.3 cents to $3.3725 a pound.
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