NEW YORK—Gold ended higher Wednesday but prices pulled back sharply off of the day’s early gains as investors were overcome by a strengthening dollar and more bleak economic data.

Other precious metals prices fell. Agriculture and energy futures also declined.

Gold and other commodities got a slight boost early in the day from a weakening dollar, but futures turned lower as the dollar strengthened later in the day.

Investors often use commodities as a hedge against a weak greenback.

Commodities were also shaken by another rocky day on Wall Street...

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