Although many jurisdictions’ markets were shut for public holidays – such as in Singapore, Hong Kong and the UK – financial market activity and investment analysis in the US was dominated by the implications of the killing of Al Qaeda leader Osama bin Laden by US forces.

The news – which broke before US financial markets opened today – encouraged investors to sell some commodities such as oil, as well as boosting the dollar and stock prices.

Wealth management strategists have been urging investors to hold “safe haven” assets such as gold in recent months, as geo-political crises in North Africa and the Middle East have pushed up oil prices and raised concerns about economic recovery.

While Western leaders said there must be no complacency after the death of the man credited with masterminding the 9/11 attacks, the news brought tangible relief. Oil and gold prices fell, if only temporarily. The scale of the price moves may have been exaggerated by thin markets.

According to price data from Reuters, the dollar rebounded from a three-year low against a basket of currencies. The dollar was up a quarter of a per cent, the news service said at around noon GMT. The announcement of bin Laden's death prompted demand for the dollar after the dollar index had hit its weakest since mid-2008.

Silver fell by 10 per cent, its steepest fall since late 2008. European shares rose by about a quarter of a percent.