RIYADH: Gold prices fell on Thursday as the US dollar and Treasury yields rebounded after comments by Federal Reserve officials pointed toward further interest rate hikes, despite signs of slowing inflation in the world’s largest economy.
Spot gold was down 0.3 percent at $1,786.17 per ounce, as of 0422 GMT, after hitting its highest since July 5 at $1,807.79 on Wednesday.
US gold futures dipped 0.6 percent to $1,802.10.
Chicago corn and wheat futures retreated on Thursday after hitting more than one-week highs in the previous session on concerns over hot and dry weather conditions in key exporting countries.
Soybeans lost ground after closing almost unchanged on Wednesday.
The most-active corn contract on the Chicago Board of Trade was down 0.4 percent at $6.15-3/4 a bushel, as of 0049 GMT, and wheat fell 0.5 percent to $7.95-1/2 a bushel.
Soybeans slid 0.3 percent to $14.23-1/4 a bushel.
Argentine 2022/23 corn harvest seen at 55 million tons
Argentina’s corn harvest for the 2022/23 season is expected to be around 55 million tons, the Rosario Grains Exchange said on Wednesday.
Additionally, the exchange forecast soy production of 47 million tons for the 2022/23 season.
Argentina is a major world supplier of wheat and the second largest exporter of corn.
The exchange said it expects the country’s corn planting area to fall by 4.7 percent to 8 million hectares.
Copper prices climbed on Thursday to their highest in nearly six weeks, as lower-than-expected US inflation eased worries of aggressive rate hikes that could hurt growth and metals demand.
Three-month copper on the London Metal Exchange rose 0.1 percent to $8,090 a ton at 0300 GMT, while the most-traded August copper contract on the Shanghai Futures Exchange rose 1.3 percent to $9,215.37 a ton.
(With input from Reuters)