Commodities Update — Gold slips; wheat tumbles; Indonesia removes palm oil levy

RIYADH: Gold slipped on Friday and was headed for a fifth consecutive weekly loss, knocked down by the dollar’s overall strength amid prospects of steep rate hikes by the US Federal Reserve.

Spot Gold is currently priced at $1,708.17 per ounce, while US Gold future is at $1,703.60.

Wheat down

Chicago Board of Trade wheat futures tumbled to a five-month low on Friday, with hopes for a pick-up in exports from war-torn Ukraine threatening the recent gains made in demand for US supplies, traders said.