[BRIEFS] Commodity Prices Drop To Lowest Levels Since 2002

The ongoing commodity rout seems never-ending.

The Bloomberg Commodity Index slid 1.2 percent to 96.3564 at 2:19 p.m. London time. A close at that level would be the lowest since June 2002.

Raw materials are losing favor with investors as the dollar gains amid signals from Federal Reserve Chair Janet Yellen that the central bank may raise rates this year on the back of an improving U.S. economy.

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Higher borrowing costs curb the attractiveness of commodities such as gold, which doesn’t pay interest or give returns like assets including bonds and equities.

Gold futures sank to the weakest in more than five years while industrial metals, grains, Brent crude and U.S. natural gas also slid as a measure of the dollar climbed to the highest since April 13.