Commodities Update — Gold slips; Wheat falls; Copper hits 3-week high

RIYADH: Gold prices fell on Tuesday as US bond yields firmed and the dollar strengthened, with bullion heading for a second straight monthly loss for the first time since March 2021.

Higher US 10-year Treasury yields lower the appeal of zero-yield gold, while a stronger dollar makes greenback-priced bullion more expensive for overseas buyers. 

Spot gold fell 0.3 percent to $1,849.92 per ounce by 0229 GMT, bringing its monthly loss to 2.4 percent so far, and is the biggest loss since September. 

US gold futures also slipped 0.3 percent to $1,851.90. 

Silver dips, Platinum gains

Spot silver dipped 0.6 percent to $21.82 per ounce, and is down about 4.1 percent so far this month.

Platinum fell 0.5 percent to $954.48, but is still set for its first monthly gain in three at about 2.5 percent.

Palladium gained 0.5 percent to $2,042.69, but is down about 12 percent this month, its most since November. 

Wheat falls on hopes of grain exports from Ukraine

Chicago wheat futures fell on Tuesday after Russian President Vladimir Putin expressed readiness to unlock grain cargoes blocked in Ukrainian ports.

Corn also ticked lower, while soybeans edged up.

The most-active wheat contract on the Chicago Board of Trade fell 2.35 percent to $11.3-1/4 a bushel. 

Corn slipped 0.87 percent to $7.7-1/2 a bushel, while soybeans rose 0.52 percent to $17.41-1/4 a bushel.

Copper steadies near 3-week high on China demand optimism

London copper prices on Tuesday held steady near a more than three-week high, after better factory activity data and easing of COVID-19 lockdowns in top metals consumer China lifted demand prospects.

Three-month copper on the London Metal Exchange was flat at $9,537.50 a ton by 0342 GMT, after hitting its highest since May 5 at $9,579 on Monday.

The most-traded July copper contract in Shanghai was up 0.1 percent at $10,810.61 a ton by the midday break.

(With input from Reuters)