Metals, energy and grains prices all fell Friday as the dollar grew stronger amid investor concerns over whether Europe's financial bailout package could wind up slowing down the global economic recovery.
Even gold, traditionally sought out as a safe place to park money, settled lower as investors put more money into the dollar and Treasuries.
Much of Friday's widespread retreat was traced to the dollar, which strengthened as the euro fell to a 19-month low.
The ICE Futures US dollar index, which measures the dollar against six other currencies including the euro, rose about 1 percent. Since commodities are priced in dollars, a stronger dollar makes them more expensive for overseas buyers.
Traders are concerned that deep spending cuts included in Europe's bailout plan could affect the recovery in some countries, like Greece, Spain and Portugal. More economic malaise there could spread to other regions, including the U.S. and Asia.
"Right now, there's concern over will this economic recovery continue to unfold, especially in Europe," CPM Group analyst Carlos Sanchez said. "Safe-haven buying of U.S. dollars, gold and Treasuries has weighed on other asset classes including the industrial commodities."
In July contracts, copper fell 9.75 cents to $3.1340 a pound and platinum fell $24 to $1,715.40 an ounce. June palladium fell $15.40 to $527.90 an ounce.
June gold fell $1.40 to settle at $1,227.80 an ounce after hitting $1,249.70 an ounce earlier in the day. July silver fell 27.4 cents to $19.225 an ounce.
Energy prices slid across the board, weighed down not only about the European economy, but by plentiful supplies and diminished demand.
Benchmark crude for June fell $2.79 to settle at $71.61 a barrel in trading on the New York Mercantile Exchange, a level not seen since Feb. 5.
In other June contracts, heating oil lost 7.13 cents to settle at $2.0606 a gallon, and gasoline lost 6.43 cents to $2.1308 a gallon. Natural gas fell 2.7 cents to $4.312 per 1,000 cubic feet.
Grains all closed lower. In July contracts, wheat fell 7.5 cents to $4.7150 a bushel, corn fell 10 cents to $3.63 a bushel and soybeans fell 11 cents to $9.535 a bushel.
© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.