Commodities caved on Tuesday, as the price of crude oil fell below $60 a barrel and gold plunged below $600.

Gold for December delivery shed $15.30 to $588 a troy ounce in midday trading on the New York Mercantile Exchange. Silver and copper declined, along with the broader commodities market.

Meanwhile, the dollar rose against most major currencies. Gold often trades lower when the dollar climbs, as gold is seen by many investors as a safer haven when the dollar is weak.

Mining equities suffered as metals prices fell. Shares of gold producer Barrick Gold Corp. dropped $1.21, or 3.9 percent, to $29.67 on the New York Stock Exchange, while Newmont Mining Corp. shares fell $1.60, or 3.7 percent, to $41.61. Goldcorp Inc. shares slid $1.18, or 5.2 percent to $21.90.

Copper producer Phelps Dodge Corp. saw its shares lose $2.82, or 3.3 percent, to $82.33 on the Big Board. Silver producer Pan American Silver Corp. shares fell 68 cents, or 3.4 percent, to $18.67 on the Nasdaq.