Commodities Fall Most in 11 Weeks in ‘Panic Selling’ on Europe
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Commodities posted the biggest drop in almost 11 weeks, led by gold and crude oil, as concerns mounted that European leaders are failing to stem the region’s debt crisis, eroding demand for energy, metal and crops.
The Standard & Poor’s GSCI index of 24 raw materials declined 4.1 percent to settle at 621.93 at 3:43 p.m. New York time, swinging to a loss in 2011. Gold closed at the lowest price in five months, with silver at the cheapest since February. Oil slid more than 5 percent.