Producers of metals, grains and other raw materials fell as the U.S. dollar gained against rivals due to concerns about a prolonged energy shock.
With the U.S. unlikely to accept Iran's latest terms for reopening the Strait of Hormuz, energy prices are set to test their highs of the year. The energy inflation, in turn, could cause the Federal Reserve to consider a rate hike.
That prospect has driven up the relative value of the dollar, weighing on precious-metals futures. Front-month gold futures fell 1.8% to $4,591.50 an ounce, while silver fell 2.4% to $73.21 an ounce. Shares of gold and silver miners fell.
Barrick Mining plans to list its prized North American gold assets in New York as part of an initial public offering set to be completed before the end of the year.
Wheat futures rose 4.5% to $6.58 a bushel on the Chicago Board of Trade on Tuesday, in reaction to poor crop health and dry weather in many growing areas.
Integrated iron and steel producer Cleveland Cliffs settled a case with the Department of Justice over waste at its Middletown Works in Ohio.
Corning shares fell sharply after the maker of specialized glass products received less of a lift from voracious artificial-intelligence related demand than some investors had anticipated.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
April 28, 2026 17:10 ET (21:10 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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