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NEW YORK (AP) - The prices of commodities from gold to copper to oil have taken a serious slide, and the markets are wondering whether commodities have lost their steam or are just taking a breather.
The answer to that question has implications not only for the price of consumer goods, but also for people's mortgages — if commodities resume rising and boosting inflation concerns, the Federal Reserve may keep hiking interest rates.
Commodities have pulled back dramatically over the past week-and-a-half after hitting record highs: Gold prices are now at $657.70 an ounce after reaching a 26-year high of $732; silver is now at $12.43 an ounce after reaching a 23-year high of $15.20; copper's at $3.46 an ounce, down from more than $4; platinum is at $1,284.60 from a record $1,340.
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