Gold Sinks Most Since 1980 as Stocks Post Worst Tumble of Year

Commodities fell to a nine-month low, led by the worst plunge in gold since 1980, and global stocks slid the most since June as China’s economic growth unexpectedly slowed and investors speculated hedges against inflation were unneeded. The yen and dollar climbed against most major peers and Treasuries rose.

The Standard & Poor’s GSCI gauge of 24 raw materials dropped 2.3 percent, its worst loss since November, as silver tumbled more than 13 percent during the day and gold futures plunged as much as 11 percent. Oil sank to less than $89 a barrel and copper declined to the lowest level since 2011. The MSCI All-Country World Index tumbled 1.8 percent and the S&P 500 Index sank 2.3 percent for its biggest decline since November. The Shanghai Composite Index capped a 10 percent retreat from this year’s peak and Japan’s currency appreciated against all 16 major peers, while the dollar gained versus 13.