Commodities plunged on Thursday as the dollar gained on concerns over the strength of global economic recovery as debt problems mount in Europe.Dollar hit the highest level against the euro in more than eight months on Thursday.Debt concerns facing Greece, Portugal and Spain have resurfaced,which led the dollar higher versus the euro.
Crude Oil prices plunged 5 percent,down $3.84 to settle at $73.14 a barrel.Heating oil was down 4.2 percent,down 8.42 cents to settle at $1.9352 a gallon, while gasoline fell 8.54 cents,down 4.2 percent to settle at $1.9508 a gallon.
U.S. gold futures for February delivery fell $49 to settle at $1,062 hitting a three month low.Gold, which typically trades opposite the dollar is the lowest gold price that has traded since November.In other precious metals,Silver was down 6 percent, platinum down 4 percent and palladium was down more than 6 percent.Copper fell 9.45 cents, or 3.2 percent, to $2.879 a pound.
