NEW YORK—Commodities prices plummeted Thursday, with precious metals, agriculture and crude oil futures all falling sharply as a rebounding dollar led to heavy selling of hard assets.

The dollar edged higher against the 15-nation euro Thursday, buoyed by the Federal Reserve’s three-quarter point interest rate cut earlier this week. The cut, which disappointed investors hoping for a full point reduction, sent the greenback higher, and in turn, touched off a broad commodities sell-off. A flurry of fund-selling heading into the long holiday weekend also pushed prices lower; commoditie...

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