Published: Nov 02, 2012 5:01 PM EDT
Updated: Nov 03, 2012 6:31 AM EDT

Commodities prices are falling across the board, sending gold back below $1,700 an ounce and crude oil to a four-month low.

Gold lost $40.30 to settle at $1,675.20 an ounce Friday, the first close below $1,700 since Sept. 5.

Other metals also fell sharply. Silver fell 4 percent, and platinum, palladium and copper each fell 2 percent. Traders cited strong U.S. economic reports which could diminish the chances that the Fed will further extend its low-interest rate policy.

Refinery shutdowns helped push down the price of oil and other energy futures. Big refineries owned by Phillips 66 and Hess still aren't operating four days after Superstorm Sandy hit the East Coast.

Oil fell $2.23 to close at $84.86, the lowest since July 10.

Grains and beans futures also closed lower.