Commodities Update — Gold steadies near 3-week high; Soybeans ease from 4-week top; Copper falls

RIYADH: Gold prices hovered near a more than three-week high on Monday, helped by a weaker US dollar and lower bond yields on bets over less aggressive Federal Reserve rate-hike trajectory.

Spot gold was little changed at $1,764.32 per ounce, as of 0301 GMT, after hitting its highest since July 6 at $1,767.79 on Friday.

US gold futures eased 0.1 percent to $1,779.90 per ounce.

Silver falls

Spot silver fell 0.7 percent to $20.17 per ounce, while platinum was down 0.3 percent at $893.99. 

Palladium slipped 1.4 percent to $2,099.68.

Soybeans down

Chicago soybean futures fell more than 1 percent on Monday after six straight sessions of gains, although forecasts of hot and dry weather in parts of the US Midwest raised supply concerns and curbed losses.

Wheat slid for a second consecutive session, while corn lost ground.

The most-active soybean contract on the Chicago Board of Trade was down 1.1 percent at $14.53 a bushel, as of 0313 GMT, but not far from Friday’s four-week high of $14.89 a bushel.

Wheat lost 0.3 percent to $8.05-1/4 a bushel and corn eased 0.9 percent to $6.14-3/4 a bushel.

London copper falls as China factory activity contracts

Copper prices in London fell on Monday after disappointing factory data from top consumer China reaffirmed weak demand outlook that has been pressuring the metals market.

Three-month copper on the London Metal Exchange fell 0.3 percent to $7,895 a ton by 0139 GMT, retreating from a three-week high hit in the previous session.

LME aluminum declined 1.8 percent to $2,444.50 a ton, zinc shed 1.2 percent to $3,270.50 a ton and lead eased 0.2 percent to $2,031 a ton.

(With input from Reuters)