Commodities End Year Higher, Even After Sell-offs

By Salon Staff

Published December 30, 2011 8:00PM (EST)

Commodities prices are ending the year higher, even after a crash that wiped out big gains from a summer rally.

The February gold contract rose $25.90 Friday, or 1.7 percent, to settle at $1,566.80 an ounce. Corn for March delivery gained 8.5 cents to $6.465 per bushel.

Both gold and corn hit all-time highs this summer, and both commodities fell this winter for different reasons.

Gold was driven higher by anxious traders who didn't want to invest in riskier stocks or bonds. Corn prices shot up on worries of a global food shortage.

Those worries receded this fall as stocks gained value and food supplies grew. Even though prices have fallen, many traders think 2012 could offer another roller coaster of a ride.

Salon Staff

MORE FROM Salon Staff

Related Topics ------------------------------------------