RIYADH: Gold prices eased on Thursday as a rebound in US Treasury yields tempered bullion’s safe-haven demand stemming from the Ukraine crisis and its potential impact on the global economy.
Spot gold was down 0.4 percent at $1,950.61 per ounce, as of 0502 GMT. US gold futures were down 0.1 percent at $1,953.00.
Benchmark US 10-year Treasury yields firmed after they fell from three-year highs on Wednesday.
Spot silver dipped 0.6 percent to $25.07 per ounce.
Platinum dropped 0.7 percent to $980.00, while palladium slipped 0.8 percent to 2,431.81.
Chicago soybean futures ticked higher on Thursday, holding on to gains made in recent sessions, as expectations of higher demand for US supplies underpinned the market.
Wheat lost more ground, while corn eased.
The most-active Chicago Board of Trade soybean contract added 0.1 percent to $17.19 a bushel, as of 0159 GMT.
Wheat lost 0.7 percent to $10.90 a bushel and corn gave up 0.3 percent to $8.07-3/4 a bushel.
P&G raises sales forecast
Procter & Gamble Co. raised its full-year sales forecast on Wednesday as consumer demand for cleaning and personal care products remained stronger than expected despite higher prices, sending its shares up more than 2 percent.
P&G’s sales growth is at its strongest in at least 15 years, according to analysts, but there are concerns that consumers will start to swap branded items for cheaper own-label products, as supply chain constraints and soaring commodity prices push inflation ever higher, squeezing household budgets.
P&G executives said, however, that for now, consumers were switching to better-value premium products such as single-dose detergents or higher-priced diapers, adding they would focus marketing efforts on such offerings.
Executives also announced fresh price hikes in US feminine, home and oral care from this summer, even though they expect consumer demand to soften as the higher prices feed through to shop shelves.
(With inputs from Reuters)