RIYADH: Gold edged lower on Wednesday as pressure from aggressive monetary policy worries and higher bond yields outweighed relief stemming from a pullback in the dollar.
Spot gold dipped 0.3 percent to $1,706.85 per ounce by 0610 GMT. US gold futures also fell 0.3 percent to $1,706.00.
Spot silver was little changed at $18.74 per ounce, while platinum was flat at $874.61.
Palladium gained 0.5 percent to $1,884.66.
Chicago corn and soybean futures lost more ground on Wednesday, with prices pressured by expectations of beneficial rains in parts of the US Midwest easing supply concerns.
Wheat slid after Egypt, the world’s biggest importer, canceled an international purchase tender that had drawn offers of US wheat.
The most-active corn contract on the Chicago Board of Trade lost 0.8 percent to $5.90-1/4 a bushel, as of 0413 GMT, and soybeans gave up 1 percent to $13.44-1/4 a bushel.
Wheat dropped 0.3 percent to $8.10 a bushel.
Copper and most other industrial metals rebounded on Wednesday as the dollar weakened, while strong US company earnings and easing recession fears boosted investors’ appetite for riskier assets among investors.
Three-month copper on the London Metal Exchange rose 2.2 percent to $7,440 a ton by 0418 GMT.
The most-traded August copper contract on the Shanghai Futures Exchange gained 1.3 percent to $8,483.55 a ton by the midday break.
(With input from Reuters)