RIYADH: Gold prices hit their lowest in more than three weeks on Monday, weighed down by a stronger dollar and expectations of more rate hikes from the US Federal Reserve to tame surging inflation.
Spot gold was flat at $1,747.55 per ounce, as of 0318 GMT, after hitting its lowest since July 28 at $1,743.83 in early Asian trading.
US gold futures eased 0.1 percent to $1,761 per ounce.
Silver gains
Spot silver gained 0.5 percent to $19.12 per ounce, while platinum edged 0.1 percent higher to $896.74.
Palladium rose 1 percent to $2,145.90.
Grains fall
Chicago soybean futures lost ground on Monday, with forecasts of much-needed rains in parts of the US Midwest and expectations of higher South American planting weighing on the market.
Corn and wheat dropped as more supplies from Ukraine entered the market.
The most-active soybean contract on the Chicago Board of Trade lost 0.1 percent to $14.02-1/2 a bushel, as of 0321 GMT.
Wheat gave up 0.2 percent to $7.69-1/2 a bushel while corn lost 0.4 percent to $6.20-1/2 a bushel.
Base metals open higher
Most base metals opened higher on Monday, as China cut some key lending rates in an effort to support a slowing economy and a stressed housing sector, raising hopes of a demand recovery in the world’s top metal producer and consumer.
Three-month copper on the London Metal Exchange edged up 0.1 percent to $8,085 a ton by 0207 GMT, while the most-traded September copper contract on the Shanghai Futures Exchange rose 1.3 percent to $9,236.07 a ton.
LME aluminum climbed 0.3 percent to $2,394 a ton, lead rose 0.7 percent to $2,057 a ton and tin gained 0.2 percent to $24,850 a ton, while zinc held steady at $3,488 a ton.
(With input from Reuters)
