Commodities sold off broadly after Standard & Poor's slashed its credit ratings on Greece and Portugal, triggering a global flight from risk.

Commodities followed stocks lower after the downgrades as money headed into safe harbor assets likes the dollar, Treasurys and gold.

Stocks fell sharply in Europe and the U.S. after news of the downgrades. Greece's debt was cut to junk status, and Portugal's was lowered by two notches.

Gold for June delivery jumped $8.20 to settle at $1,162.20 an ounce on the Comex division of the New York Mercantile Exchange.