Commodities rattled | business | Hindustan Times
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Commodities rattled

business Updated: May 17, 2010 20:53 IST

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Commodity markets slid by more than two per cent on Monday, tracking losses in Asian equities, as the euro crashed to a four-year low on growing worries about the single currency and economic stability in Europe.

Gold firmed towards a record, while bullion priced in euro and sterling struck all-time highs as investors sought a safe haven from volatile currencies as well as falling markets. Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, rose to a lifetime high of 1,214.065 tonnes. Bullion has gone up 13 per cent this year.

The euro fell almost 1.5 cents versus the dollar to $1.2237, its weakest in four years.

NYMEX crude also fell, losing more than 2 per cent to a three-month low.