Commodities Update — Gold gains; Palladium up; Grains rise on rain forecast 

RIYADH: Gold prices edged up on Friday, propped up by a pullback in the dollar and US Treasury yields, while fears of aggressive policy tightening by the Federal Reserve subsided.

Spot gold gained 0.17 percent to $1,853.72 per ounce. 

US gold futures settled up 0.18 percent at $1,857.30. 

Platinum up

Silver gained 0.60 percent to $22.10 per ounce.

Platinum moved up 0.60 percent to $958.13, while palladium edged up 2.55 percent to $2,067.44.

Grains climb

Chicago Board of Trade corn and soybean futures rose on Friday, supported by forecasts for rain that could slow the tail end of planting in the US Midwest.

Soybean futures hit their highest since Feb. 24. Corn futures received additional support from bargain buying after sinking to their lowest since April 8 on Wednesday.

CBOT July corn futures CN2 settled up 12-1/4 cents at $7.77-1/4 a bushel.

CBOT July soybeans SN2 were 5-3/4 cents higher at $17.32-1/4 a bushel.

CBOT July soft red winter wheat WN2 was up 14-1/4 cents at $11.57-1/2 a bushel, rebounding from three straight days of declines.

G7 working to resume grain exports from Ukraine

British Prime Minister Boris Johnson told Ukrainian President Volodymyr Zelensky on Saturday that international partners were working intensively to find ways to resume the export of grain from Ukraine to avert a global food crisis.

Johnson, who has spoken regularly to Zelensky since the beginning of the invasion, said the two leaders also discussed the importance of the international community remaining united over the war.

“He said that the UK would work with G7 partners to push for urgent progress,” a British readout of the call said, on the export of grain. 

“The leaders agreed to next steps and the imperative for Russia to relax its blockade and allow safe shipping lanes.”

(With input from Reuters)