Producers of metals, grains and other raw materials fell sharply as rate and inflation fears resurfaced.
The spike in oil futures in response to renewed hostilities between the U.S. and Iran caused Treasury yields to rise.
In the minutes from their latest meeting, Federal Reserve officials broadly agreed the central bank would have to raise interest rates this year if inflation remained strong.
Gold futures, which are particularly sensitive to shifts in Fed policy, slid $74.40 per troy ounce, or 1.8% to $4070.90.
Write to Rob Curran at rob.curran@dowjones.com
