Commodities dropped the most in more than two years, paring this year’s gains to 8.2 percent, on concern that economic growth will slow as central banks seek to cool inflation by raising borrowing costs.
The Standard & Poor’s GSCI Index of 24 raw materials fell 6.5 percent to 683.83, the biggest decline since Jan. 7, 2009. Silver, Brent crude oil and heating oil led the drop as the U.S. Dollar Index, a gauge against six counterparts, rose 1.4 percent, the most since October. The Dollar Index has a negative correlation of 0.88 to the S&P GSCI. A figure of 1 would mean they move in lockstep.