Commodities Update — Gold slips; Wheat ticks higher; Copper rises

RIYADH: Gold prices edged lower on Monday after solid US jobs data last week boosted the prospect of aggressive interest rate hikes by the US Federal Reserve, lifting the dollar and Treasury yields.

Spot gold was down 0.1 percent at $1,771.74 per ounce, as of 0454 GMT, after dropping 1 percent in the previous session. 

US gold futures eased 0.2 percent to $1,788.20.

Silver flat

Spot silver was flat at $19.87 per ounce, while platinum fell 1.3 percent to $920.25. 

Palladium was steady at $2,125.68.

Wheat edges up

Chicago wheat futures edged higher on Monday, recouping some of the previous session’s losses but pressure from expectations of higher sea-borne grain exports from Ukraine curbed gains.

Corn lost ground, falling for the first time in four sessions, while soybeans ticked higher, although higher US production and weakening Chinese demand limited gains.

The most-active wheat contract on the Chicago Board of Trade added 0.3 percent to $7.78-1/4 a bushel, as of 0426 GMT. 

Corn fell 0.2 percent to $6.08-3/4 a bushel and soybeans gained 0.2 percent to $14.11-1/4 a bushel.

Copper rises

Copper prices rose as falling inventories and improved exports in top consumer China balanced out fears of weakening demand from a global recession.

Three-month copper on the London Metal Exchange rose 0.1 percent to $7,881.50 a ton by 0222 GMT, while the most-traded September copper contract on the Shanghai Futures Exchange advanced 1.8 percent to $8,987.78 a ton.

(With input from Reuters)