Commodities fell to a two-week low on mounting concern that the European debt crisis will spread after Moody’s Investors Service said it will review ratings for countries in the region.
Gold rose the most since September as the dollar weakened, while global stocks advanced to a record after the Federal Reserve said rates will remain low as the economy grows. Emerging-market currencies climbed.
Gold fell for a fourth day, heading for the first quarterly loss in more than three years, after the Federal Reserve failed to announce more stimulus measures.
Copper prices rose, heading for a record weekly rally, after European leaders agreed to expand a bailout fund to ease the region’s sovereign-debt crisis. Nickel, lead and zinc climbed.
Gold futures closed at the highest price in four weeks as a weaker dollar bolstered demand for commodities. Silver, platinum and palladium also surged.
Gold rose to a two-month high after Federal Reserve Chairman Ben S. Bernanke said he sees signs the U.S. economy is improving, boosting prospects for commodity demand.
"People expect policies from the Republicans that lend confidence to the outlook for the economy."
- Scott Gardner on Nov 05, 2014