RIYADH: Gold prices fell on Thursday, weighed down by a stronger dollar and remarks from the US Federal Reserve Chair Jerome Powell about the central bank’s commitment to tame price pressures.
Spot gold fell 0.3 percent to $1,832.48 per ounce by 0913 GMT. US gold futures eased 0.2 percent to $1,835.10.
Spot silver fell 0.9 percent to $21.21 per ounce, while platinum dropped 0.7 percent to $919.96.
Palladium rose 0.2 percent to $1,866.53.
Chicago grains futures slumped more than 2 percent on Thursday, dragged down by worries about demand as global recession risks emerged, with supply concerns easing after a US official said Russian food and fertilizer exports were not subject to sanctions.
Supply pressure from early harvesting in the US and European grain belts also continued to weigh on prices.
The most-active wheat contract on the Chicago Board of Trade was down 2.1 percent at $9.68-1/4 a bushel, as of 0506 GMT, after hitting its lowest since March 1 at $9.60-3/4.
Corn lost 2.3 percent to $6.77-1/2 a bushel, after earlier falling to its weakest since Feb. 28 at $6.76.
Soybeans fell 2.3 percent to $14.42 a bushel, after touching its lowest since Jan. 27 at $14.33.
Rising recession fears push copper to 16-month low
Copper prices fell to a 16-month low on Thursday as fast-rising interest rates and weak economic data fanned fears of a global slowdown that would reduce demand for metals.
Benchmark copper on the London Metal Exchange was down 1.9 percent at $8,603 a ton by 1016 GMT after touching $8,564.50, its lowest since February 2021.
(With input from Reuters)