RIYADH: Gold prices extended losses on Friday as an unexpectedly strong US jobs report eased recession worries and dashed speculation that the Federal Reserve would pivot away from its aggressive monetary policy tightening.
Spot gold fell 0.88 percent to $1,775.50 per ounce, while US gold futures settled down 0.87 percent at $1,791.20.
US soybean futures fell on Friday for the fourth session of the last five, pressured by forecasts for spotty Midwest rains that could boost the health of its crop as it passes through key development periods, traders said.
Chicago Board of Trade November soybean futures settled down 9 cents at $14.08-3/4 a bushel.
CBOT December corn settled 3-3/4 cents higher at $6.10 a bushel. The contract found support from overnight weakness at its 20-day moving average.
CBOT September soft red winter wheat was down 6-3/4 cents at $7.75-3/4 a bushel.
Copper rebounded on Friday as fears of a global recession eased after strong US jobs data and investors focused on low inventories and threats to supply.
Three-month copper on the London Metal Exchange climbed 1.8 percent to $7,869 a ton, building on the previous session’s 0.7 percent gain.
Food commodity prices declined globally in July
The world food community prices declined significantly in July, as major cereal and vegetable oil prices recorded double-digit percentage declines, according to a report released by the Food and Agriculture Organization of the UN.
According to the report, FAO Food Price Index averaged 140.9 points in July, down 8.6 percent from June, thus marking the fourth consecutive monthly decline since hitting all-time highs earlier in the year.
The FAO Vegetable Oil Price Index decreased by 19.2 percent in July from June, marking a 10-month low, while the Cereal Price Index dropped by 11.5 percent.
“The decline in food commodity prices from very high levels is welcome, especially when seen from a food access viewpoint; however, many uncertainties remain, including high fertilizer prices that can impact future production prospects and farmers’ livelihoods, a bleak global economic outlook, and currency movements, all of which pose serious strains for global food security,” said FAO Chief Economist Maximo Torero.
(With input from Reuters)