Producers of metals, grains and other raw materials fell alongside precious metals futures as the U.S. dollar hit a 13-month high against rivals.
For much of 2026, hedge funds had piled into the "dollar debasement" trade, betting the U.S. central bank would cut interest rates more aggressively than other nations. That was a primary driver of a rally in gold and silver. Now that trade is reversing itself.
Gold futures fell $139.60 per troy ounce, or 3.38%, to $3990.30 Wednesday, closing more than 25% below their 2026 record highs. Silver futures fell 6.4% to $58.05 a troy ounce, roughly halving from its January high.
Chemours agreed to pay $450 million to settle allegations it used "forever chemicals" in its products.
Write to Rob Curran at rob.curran@dowjones.com
