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  Major commodities down on dollar surge
  18 August 2008 11:21:34
   
  All major commodities including oil, gold and major base metals were all fell to a surging greenback as growing perception among investors that growth in Europe is slowing just as a U.S. recovery begins.

That drove the dollar higher and pushed oil prices to three-month lows on Friday, lifting both U.S. and European shares.

The US dollar climbed to a six-month high against the euro, knocking gold and other metals prices down, along with oil, and bolstering the outlook for economic growth and profits among U.S. equity investors.

Oil hit a more than three-month low at $111.34 on the stronger dollar and a view that demand in industrialized nations is waning. Gold tumbled below $800 an ounce, hitting its lowest price since last November, while silver sank nearly 10% and other precious metals also plummeted.

The drop in commodities prices raised hopes on Wall Street of a consumer spending recovery, although the slide in crude prices pushed down shares of materials and energy-related companies.

European shares also gained, as aerospace and defense companies rallied on the stronger dollar, withstanding a heavy drag from falling mining stocks on the lower commodities prices.

The dollar was on track for a fifth week of gains against the euro, amid signs the U.S. economic slowdown may be bottoming while growth in the euro zone stalls.






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NYMEX Crude oil tumbles by 0.7%
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