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Commodities Update — Gold hovers near one-month peak; Corn down, wheat gains; London base metals soften N

RIYADH: Gold prices hovered on Wednesday near their highest level in more than a month, supported by a weaker dollar with investors awaiting US inflation data, which is expected to influence the pace of Federal Reserve rate hikes.

Spot gold held its ground at $1,793.39 per ounce, as of 0318 GMT, after hitting its highest since July 5 at $1,800.29 on Tuesday. US gold futures were down 0.1 percent at $1,810.

Silver eases

Spot silver eased 0.2 percent to $20.47 per ounce, while platinum fell 0.4 percent to $930.14. 

Palladium edged 0.1 percent higher to $2,217.40.

Corn ease, wheat up

Chicago corn futures eased on Wednesday, as the market took a breather after climbing to a one-week high in the previous session on concerns over hot and dry weather in parts of the US Midwest.

Wheat rose for a third consecutive session, although hopes of more grain exports from Ukraine limited gains.

The most-active corn contract on the Chicago Board of Trade rose a quarter of a cent to $6.14-1/4 a bushel, as of 0028 GMT, and soybeans slid 0.1 percent to $14.27-1/2 a bushel.

Wheat added 0.5 percent to $7.85-3/4 a bushel.

London base metals soften

Prices of most base metals in London eased on Wednesday after China’s inflation in July hit a two-year high, while investors were braced for continued hawkishness from the Federal Reserve ahead of the highly anticipated US inflation data.

Three-month copper on the London Metal Exchange lost 0.8 percent to $7,920.50 a ton by 0309 GMT.

The most-traded September copper contract on the Shanghai Futures Exchange dipped 0.3 percent to $9,026.33 a ton.

LME zinc fell 1.1 percent to $3,499 a ton, lead lost 0.8 percent to $2,149 a ton, tin declined 0.8 percent to $24,235 a ton.

(With input from Reuters) 

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