Gold futures drop after dollar gains against euro

In energy futures, crude oil jumped to a new record near $127 a barrel on concerns that Iran may consider cutting crude oil production.

Light, sweet crude for June delivery rose as high as a record $126.98 a barrel in midday trading on the Nymex before falling to settle at $125.80, still up $1.57.

Other energy futures also rose. June gasoline futures rose 3.58 cents to settle at $3.20 a gallon, and June heating oil futures rose 13.91 cents to settle at $3.6989 a gallon after earlier rising to a record $3.7146.

In agriculture markets, soybean futures shot up on expectations that warm, drier weather in Midwestern states will prompt farmers to dedicate more acres to corn.

Soybeans for July delivery jumped 16 cents to $13.585 a bushel on the Chicago Board of Trade, after earlier rising as high as $13.65.

Other agriculture futures fell. Corn for July delivery dropped 11.75 cents to $6.03 a bushel on the CBOT, while July wheat fell 13.5 cents to $7.92 a bushel.

U.S. rice futures, meanwhile, lost 44 cents to $22.30 per 100 pounds.