New York, Dec 17^th (TradersHuddle.com) – The Raw-materials sector in the S&P 500 index was hard hit as an increase in the value of the greenback pushed down prices of dollar- denominated commodities including aluminum, copper and gold.

Gold and copper prices were slammed and they erased the previous gains from earlier in the week.

Alcoa (NYSE:AA), the biggest U.S. aluminum producer, slid 2.01% to $14.60. Barrick Gold (NYSE:ABX), the world’s largest gold producer, fell 2.93% to $38.75, and Freeport-McMoRan (NYSE:FCX), the gold and biggest copper miner, lost 4.04% to $76.24.

The Dollar increased as investors fled risky assets and bought the U.S. currency for its safety. The Greece’s debt woes have created concern that the high government debt levels around the world could limit the global economic recovery.