Commodities were mixed Thursday as some investors cautiously waded back into the market in search of bargains after a huge rally on Wall Street. Gold and other precious metals prices fell, but rebounded in electronic trading after-hours. Energy and agriculture futures mostly rose. After three days of selling that wiped out about $1 trillion in shareholder value, Wall Street launched a massive rebound Thursday, driving the Dow Jones industrial average up more than 550 points. Earlier in the session, the Dow had fallen near its lows for the year. "The commodities that closed early today didn't get much of a benefit (from the stock market)," said Rob Kurzatkowski, a futures analyst with optionsXpress. "After-hours, commodities are doing very well, riding the coattails of the equity market." Commodities prices have taken a beating in recent weeks, as investors worried that a prolonged global economic slump will lead to a sharp drop in demand for basic materials. Wall Street, likewise, has also seen heavy losses, spurred by investors' concerns over the economy. "You're seeing some value buying going on, just like you are in the equities markets," said Kurzatkowski. "These markets have been so battered down in recent months, I think you are seeing some traders with longer-term perspective getting back into the market." "I don't think we're seeing much of a reversal in trend, so much as some short-lived enthusiasm," he said. Gold for December delivery dropped $13.30 to settle at $705 an ounce on the New York Mercantile Exchange, after falling as low as $698.20 earlier in the session. Prices have not dipped below $700 since Oct. 24. But gold rallied $17.90 to $736.20 in after-hours electronic trading on the Nymex. December silver tumbled 68 cents to $8.80 an ounce, while December copper futures fell 3.15 cents to settle at $1.6240 a pound. Copper was up 6.95 cents to $1.7250 a pound in aftermarket trading. The U.S. dollar was mixed against other major currencies Thursday. The yield on the benchmark 10-year Treasury note rose to 3.88 percent from 3.67 percent late Wednesday. Light, sweet crude for December delivery rose $2.08 to settle at $58.24, after earlier falling as low as $54.67 - a price last seen in January 2007. Oil prices have been hampered in recent sessions on concerns that energy demand will continue to fall. On Thursday, the International Energy Agency slashed its demand forecast more than it has in a decade. The agency now expects global oil demand to average 86.2 million barrels a day this year, nearly flat compared with 2007, and 86.5 million barrels a day next year. In other Nymex trading, heating oil futures fell 4 cents to settle at $1.875 a gallon, while gasoline prices rose 5.4 cents to settle at $1.3024 a gallon. Grain prices, meanwhile, mostly rose on the Chicago Board of Trade. December wheat futures rose 5.25 cents to $5.5875 a bushel, while corn for December delivery rose 7.5 cents to $3.77 a bushel. January soybeans slipped 1 penny to $8.94 a bushel.

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