Stocks fell around the world, extending last week’s drop, and oil declined amid concern officials are no closer to solving the debt crises in Europe and the U.S. Gold extended its longest rally since 1980.
The last time gold rallied this many straight days was when the U.S. was in the final month of a recession in July 1980, according to the National Bureau of Economic Research, and inflation was at 13.1 percent, according to data compiled by Bloomberg. Rising consumer prices have prompted at least two dozen nations and the European Central Bank to raise interest rates this year. The metal touched a then-record $850 in January 1980.
Metals accounted for the only six gains among the 24 commodities tracked by the S&P GSCI Index, which sank 0.9 percent. Oil for August delivery slipped 1.4 percent to $95.93 a barrel in New York. Cotton and coffee fell more than 2.1 percent for the biggest declines.