Producers of metals and other raw materials fell amid concerns about a potential recession.
Some commodity prices rose after reassurances about the outlook for Chinese economic activity.
"We're confident China's growth will most likely return to its normal trend," said Vice Premier Liu He, in an address to the annual World Economic Forum in Davos.
China's economy expanded 3% in 2022, the National Bureau of Statistics said Tuesday, the slowest rate of growth, apart from the pandemic year of 2020, since 1976. Some analysts saw glimmers of hope in the report.
"China's latest swathe of economic data points provide significant optimism that their reopening momentum could impress throughout the year," said Edward Moya, senior market analyst at foreign-exchange brokerage OANDA Group.
Gold futures slipped from a nine-month high. Barrick Gold's gold production fell short of its full-year expectations by a small margin, while copper output met its target.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-17-23 1658ET
