NEW YORK—Gold futures tumbled sharply Tuesday as a big drop in oil prices and a stronger dollar touched off a massive commodities sell-off.

Gold for December delivery fell $24.70 settle at $810.50 an ounce on the New York Mercantile Exchange, before earlier falling as much as $40. The stronger dollar added to the selling pressure as investors were less encouraged to buy precious metals as an inflation hedge.

Other Nymex metals also traded sharply lower. December silver shed 56.2 cents to close at $13.145 an ounce, while December copper fell 11.4 cents to settle at $3.27...

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