Gold and crude oil edged up on Friday, recovering from the worst day for commodities since early May on Thursday, but remain on track for weekly declines as investors worry over slower economic growth.
The U.S. Federal Reserve's warning of a grim economic outlook and the International Monetary Fund's lowering of its global growth forecast prompted investors to reduce holdings of commodities as they fretted that demand for energy and industrial metals will slow.
The dollar fell against a basket of major currencies on Friday but is still near its highest level in seven months struck on Thursday.
London copper futures fell more than 2 percent to hit their lowest since September 2010, while zinc and lead dropped to their weakest in over a year, as fears of a global recession continued to fuel a sell-off in base metals.
Gold is headed for a third straight week of decline.
Weaker factory output data from China added to earlier signs of slowing growth in developed nations to send commodities across the board lower on Thursday. The dollar gained as investors opted for the perceived safety of Treasuries. More >
The U.S. Federal Reserve's warning of a grim economic outlook and the International Monetary Fund's lowering of its global growth forecast prompted investors to reduce holdings of commodities as they fretted that demand for energy and industrial metals will slow.The dollar fell against a basket of major currencies on Friday but is still near its highest level in seven months struck on Thursday.
London copper futures fell more than 2 percent to hit their lowest since September 2010, while zinc and lead dropped to their weakest in over a year, as fears of a global recession continued to fuel a sell-off in base metals.
Gold is headed for a third straight week of decline.
Weaker factory output data from China added to earlier signs of slowing growth in developed nations to send commodities across the board lower on Thursday. The dollar gained as investors opted for the perceived safety of Treasuries. More >
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