Prices Fall For Key Commodities

Posted December 14th, 2011 at 1:05 pm (UTC-5)
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Prices for oil and gold fell on world markets Wednesday, as some worried investors shunned euros and bought U.S. dollars.

Concerns about the European debt crisis were a factor in pushing the value of the euro below $1.30.

That brought the dollar to its highest level in 11 months. The stronger dollar means the greenback buys more of key commodities like gold and oil, which cuts their prices.

At one point Wednesday, gold prices lost more than 3 percent, dipping below $1,603 an ounce.

The rising strength of the dollar is also a reason that the price of oil fell more than $3 a barrel in New York trading Wednesday.