Summary Box: Commodities fall on economic fears

AP News
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Posted: Aug 04, 2011 3:36 PM
Summary Box: Commodities fall on economic fears

BROAD SELL-OFF: Commodities dropped across the board for a second straight day on deepening concerns about economic weakness in the United States and Europe. Oil, gasoline and silver each fell more than 5 percent.

IT'S THE ECONOMY: Investors are concerned about future demand for commodities because U.S. manufacturing and consumer spending are weak. Manufacturing has slowed in China and debt problems continue in Europe.

GOLD'S BOUNCE: Not even gold was immune to the sell-off. It rose to $1,685 an ounce in early trading but settled $7.30 lower at $1,659 an ounce.