Commodities rattled

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.

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.

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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.