Metals, oil tumble after investors cut exposure to risky assets; Goldman faces fraud charges

Metals fall in broad commodities, stock pullback

NEW YORK — Metals are falling sharply after investors cut their exposure to risky assets.

The pullback Friday was broad-based across commodities and stocks following news that federal regulators filed civil fraud charges against Goldman Sachs over its dealings in the subprime mortgage market.

Traders gave up positions in riskier, more volatile investments and moved into the safety of government-backed bonds and the dollar throughout the day. Gold, silver, copper and palladium are all down more than 2 percent.

June gold is down $23.40, or 2 percent, at $1,136.90 an ounce.

Oil also tumbled throughout the day. Benchmark crude for May delivery is down $2.27 at $83.24 a barrel.