Economic worries in Greece, Spain and Italy fanned renewed risk aversion and dragged down the euro, causing a spike in the dollar to a two-month high that punished many markets and extended this month’s roller-coaster ride for raw materials.

But gold gained as the euro zone anxiety fueled a rush for safer assets, while grains prices were supported by persistent concerns about rains delaying plantings and droughts hurting crops.

“We remain negative toward most commodity markets,” said Edward Meir, analyst for metals and energy markets at MF Global in New York.

“Bulls have to contend with a backdrop of a stronger dollar, weakening macro readings from a number of countries, and interest rate increases that still loom on the horizon,” Meir wrote in his daily commentary.

The 19-commodity Reuters-Jefferies CRB index, a global benchmark, settled down 1.4 percent. The index has slumped 9 percent this month, its worst showing since November 2008. It has fallen in 11 out of the past 16 sesssions.

After soaring to multiyear or record highs earlier this year, commodity prices have been buffeted by heavy fund

liquidation over the past three weeks. After steep losses in the first week of May, sometimes fierce rallies have been met quickly with fresh waves of selling.

As market fundamentals haven’t changed that dramatically since April, some analysts say investors are selling out

because of a turn in the fiscal cycle, with the US Federal Reserve’s quantitative easing program ending in June, while rates are already on the rise in China and Europe.

In Monday’s session, the bearish pressure was traced mostly to the eurozone, where new doubts rose about Greece’s ability to restructure its debt and after voters in Spain rejected the government’s austerity program by voting out the ruling party in local elections. Italy’s credit outlook was also downgraded by Standard & Poor’s.

Adding to that was the purchasing managers’ index out of China, which showed Beijing’s factory activity expanding in May at its slowest pace in 10 months as price pressures eased from persistent monetary tightening by the authorities.

“The drag on China’s demand for commodities is likely to be compounded by destocking in the near term and a decline in the commodity-intensity of economic activity over the longer term,” London-based Capital Economics said.

The dollar rose to its highest level since March against the euro. The euro also hit a record bottom against the Swiss franc, as investors worried about the potential for the eurozone’s main currency as the region’s sovereign debt problems mounted.

US crude oil settled down more 2.4 percent, or $2.40, at $97.70 per barrel. London’s Brent crude futures fell more than $3.80 to an intraday low below $109 a barrel.

“Crude oil has not been able to find any follow-through buying over the last 10 days and without new fundamental

developments it is likely to be harder to find strong fresh buying into crude oil if the euro weakens further,” Olivier Jakob with Petromatrix said.

London metal Exchange copper fell by about 3 percent to $8,795 a ton. LME tin hit its lowest since January and nickel traded at its lowest since late November.