Commodities Update – Gold Prices Slide; the corn is rising; industrial metals flow on demand
RIYADH: Gold prices fell on Thursday as bullion’s outlook was hurt by fears that the US Federal Reserve may opt for a more aggressive interest rate hike this month to combat soaring inflation.
Spot gold was down 0.5% at $1,726.29 an ounce at 0532 GMT.
US gold futures fell 0.6% to $1,725.30.
Silver, platinum dip
Spot silver fell 0.8% to $19.03 an ounce, while platinum slipped 1% to $846.00.
Palladium strengthened 0.1% to $1,976.08.
Corn rises, wheat firm
Chicago corn futures rose on Thursday as prices were buoyed by concerns over yield losses amid forecasts of hot, dry weather in the U.S. Midwest.
Wheat rose for the first time in four sessions, although gains were limited as the market awaited a potential recovery in Black Sea shipments from war-torn Ukraine.
The most active corn contract at the Chicago Board of Trade was up 1.3% at $6.02-3/4 a bushel, as of 0422 GMT, while soybeans were up 0.9% at 13.61 -$1/2 a bushel.
Wheat added 1.9% to $8.26-1/2 a bushel.
Industrial metals fall
Industrial metals fell on Thursday as US inflation fueled expectations of aggressive policy tightening and slowing economic growth, raising fears of a drop in demand.
The most-traded copper contract in August on the Shanghai Futures Exchange was flat at $8,349.44 a tonne at 0500 GMT, after falling earlier in the session to 54,750 yuan a tonne, its lowest since November 2020.
Three-month zinc on the London Metal Exchange fell 0.8% to $2,926.50 a tonne; lead fell 1.5% to $1,924.50 a tonne. LME copper rebounded 0.2% to $7,342 a tonne after a nearly 20-month low in the previous session.
(Contributed by Reuters)