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Commodities Update — Gold prices slip; corn rises; industrial metals sink on demand concerns

RIYADH: Gold prices slipped on Thursday, with bullion’s outlook hurt by fears the US Federal Reserve could opt for a more aggressive interest rate hike this month to tackle skyrocketing inflation.

Spot gold was down 0.5 percent at $1,726.29 per ounce by 0532 GMT. 

US gold futures dropped 0.6 percent to $1,725.30.

Silver, platinum dip

Spot silver dipped 0.8 percent to $19.03 per ounce, while platinum slipped 1 percent to $846.00. 

Palladium firmed 0.1 percent to $1,976.08.

Corn rises, wheat firms

Chicago corn futures gained on Thursday, with prices underpinned by concerns over yield losses amid forecasts of hot and dry weather in the US Midwest.

Wheat rose for the first time in four sessions, although gains were limited as the market awaited potential resumption in Black Sea shipments from war-torn Ukraine.

The most-active corn contract on the Chicago Board of Trade was up 1.3 percent at $6.02-3/4 a bushel, as of 0422 GMT, while soybeans rose 0.9 percent to $13.61-1/2 a bushel.

Wheat added 1.9 percent 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, prompting fears of lower demand.

The most-traded August copper contract on the Shanghai Futures Exchange was flat at $8,349.44 a ton at 0500 GMT, having dropped earlier in the session to 54,750 yuan a ton, its lowest since November 2020.

Three-month zinc on the London Metal Exchange was down 0.8 percent at $2,926.50 a ton; lead shed 1.5 percent to $1,924.50 a ton. LME copper rebounded 0.2 percent to $7,342 a ton from a near 20-month low hit in the previous session.

(With input from Reuters)

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