Oil Update — Crude eases; Russia revises offer for friendly nations

RIYADH: Gold prices edged higher on Wednesday as concerns of an escalation in the Russia-Ukraine conflict increased safe-haven bids for the precious metal, although a firmer US dollar capped bullion’s gains.

Spot gold was up 0.2 percent at $1,969.76 per ounce, as of 0609 GMT, after hitting a near one-month peak of $1,978.21 on Tuesday. 

US gold futures were flat at $1,975.80.

Silver gains slightly

Spot silver was up 0.4 percent at $25.46 per ounce. 

Platinum rose 0.7 percent to $972.51 and palladium gained 3.1 percent to $2,398.15. 

Grains firm

US wheat futures were firmer in early Asian trading on Wednesday, extending gains on persistent worries about Black Sea grain exports disrupted by the Russia-Ukraine conflict, while corn retreated from a five-week high.

The most-active wheat contract on the Chicago Board of Trade was up 0.3 percent at $11.16 a bushel, as of 0039 GMT, trading near Tuesday’s three-week high of $11.25.

CBOT corn shed 0.4 percent to $7.73 a bushel, after rallying to as high as $7.79 in the previous session, its strongest since March 7.

CBOT soybeans edged up 0.1 percent to $16.71-1/4 a bushel.

China’s March trade with Russia rises

China’s overall trade with Russia rose by more than 12 percent in March from a year earlier in dollar terms, in sync with previous gains, even as Beijing criticized Western sanctions on Russia following its invasion of Ukraine.

Overall trade with Russia increased 12.76 percent in March to $11.67 billion and jumped 30.45 percent in the first quarter from the same period last year, Chinese customs data showed on Wednesday.

The gains in total trade — comprising the values for both exports and imports — were in line with previous increases, with Russia a major source of oil, gas, coal and agriculture commodities for China.

(With inputs from Reuters)