RIYADH: Gold prices held their ground near the lowest levels in more than nine months on Wednesday as investors cautiously awaited US inflation data for cues on the road ahead for the Federal Reserve’s monetary policy stance.
Spot gold was steady at $1,725.83 per ounce at 0543 GMT, dropping to its lowest since late September at $1,722.30 earlier in the session.
US gold futures dipped 0.2 percent to $1,722.00.
Spot silver firmed 0.4 percent to $18.97 per ounce, while platinum eased 0.3 percent to $843.58. Palladium gained 0.2 percent to $2,031.18.
Soybean, corn prices fall, wheat rebounds
Chicago soybean and corn futures slid for a second session on Wednesday to a one-week low as a US government forecast of lower demand and higher production weighed on prices.
Wheat gained ground after Tuesday’s losses, but hopes of a resumption in exports from war-torn Ukraine limited gains.
The most-active soybean contract on the Chicago Board of Trade was down 0.8 percent at $13.31-3/4 a bushel at 0217 GMT, and corn lost 0.4 percent to $5.84 a bushel. Both markets hit their lowest levels since July 6.
Wheat rose 0.8 percent to $8.20-3/4 a bushel.
China preps for Brazilian commodity imports
China will complete the signing of the quarantine agreement for imports of Brazilian corn, peanuts, and soybeans from Malawi as part of its diversification of grain imports, said Li Kuiwen, a spokesman for the General Administration of Customs, during a news conference in Beijing on Wednesday.
Customs said in May they had finalized an agreement to allow imports of Brazilian corn, lining up an alternative to US corn to replace imports from Ukraine.
Copper at 20-month low
London copper prices fell to a near 20-month low on Wednesday as a high US dollar, renewed COVID-19 restrictions in top consumer China and fears of rapid interest rate hikes stifled demand.
Three-month copper on the London Metal Exchange was flat at $7,352.50 a ton by 0214 GMT, after hitting its lowest since Nov. 23, 2020, at $7,202.50 in early Asian trade.
The most-traded August copper contract on the Shanghai Futures Exchange fell 2.7 percent to $8,386.24 a ton.
