Commodities Update – Gold Oscillates Near 1-Month High; Corn down, wheat up; London Base Metals Soften N
RIYADH: Gold prices hovered near their highest level in more than a month on Wednesday, supported by a weaker dollar as investors awaited US inflation data, which should influence the pace of the increases Federal Reserve rate.
Spot gold held at $1,793.39 an ounce as of 0318 GMT after hitting its highest level since July 5 at $1,800.29 on Tuesday. US gold futures fell 0.1% to $1,810.
Spot silver fell 0.2% to $20.47 an ounce, while platinum fell 0.4% to $930.14.
Palladium edged up 0.1% to $2,217.40.
Corn at ease, wheat in place
Chicago corn futures eased on Wednesday as the market took a breather after hitting a week-long high in the previous session due to concerns over hot, dry weather in parts of the world. American Midwest.
Wheat rose for a third consecutive session, although hopes of higher grain exports from Ukraine limited the gains.
The most active corn contract on the Chicago Board of Trade was up a quarter of a cent at $6.14-1/4 a bushel, at 0028 GMT, and soybeans slid 0.1% to 14, $27-1/2 a bushel.
Wheat added 0.5% to $7.85-3/4 a bushel.
London Base Metals Soften
Prices for most base metals in London fell on Wednesday after Chinese inflation in July hit a two-year high, as investors braced for continued hawkish Federal Reserve policy ahead of highly anticipated data on US inflation.
Three-month copper on the London Metal Exchange fell 0.8% to $7,920.50 a tonne at 0309 GMT.
September’s top-traded copper contract on the Shanghai Futures Exchange fell 0.3% to $9,026.33 a tonne.
LME zinc fell 1.1% to $3,499 a ton, lead lost 0.8% to $2,149 a ton, tin fell 0.8% to $24,235 a ton.
(Contributed by Reuters)