MIDEAST STOCKS-Major Gulf stock exchanges trade mixed; Abu Dhabi at an all-time high

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.

Money relieves

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)

About Erick Miles

Check Also

This New Albany shop serves ice cream in fancy teacups

This ice cream shop in Uptown New Albany is anything but ordinary. Uncommon Cups and …