Summary Box: Metals plunge on Europe's crisis

AP News
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Posted: Dec 12, 2011 3:56 PM
Summary Box: Metals plunge on Europe's crisis

METAL TARNISH: Gold, silver and other metals plunged as concerns resurfaced about Europe's ability to resolve its lingering financial crisis. Gold dropped 2.8 percent; silver fell 3.9 percent and copper declined 2.6 percent.

CREDIT REVIEW: Fitch Ratings predicted that the region would face "a significant economic downturn" as it works to resolve the financial problems. Moody's Investors Service said that it will review the credit ratings of every European Union nation in the first quarter of next year.

BRIGHTER NOTE: Wheat and corn prices also fell but soybeans were higher on the day.