RIYADH: Gold prices fell on Wednesday as the US dollar consolidated at its highest level in more than two years and pressured demand for greenback-priced bullion.
Spot gold was down 0.4 percent at $1,897.86 per ounce, as of 0612 GMT. US gold futures slid 0.3 percent to $1,898.80.
Silver gains, platinum dips
Spot silver gained 0.2 percent to $23.53 per ounce.Â
Platinum dipped 0.1 percent to $920.23, and palladium firmed 0.6 percent to $2,200.40.
Wheat eases
Chicago wheat ticked lower on Wednesday after climbing more than 2 percent in the previous session, although concerns over tightening world supplies limited the losses.
Corn fell after two straight sessions of gains, while soybeans slipped for the fourth day.
A decline in the US winter crop rating and delays in spring planting provided some support to prices.
The most-active wheat contract on the Chicago Board of Trade fell 0.5 percent to $10.89-1/4 a bushel, as of 0405 GMT.Â
Corn gave up 0.3 percent to $7.99 a bushel, while soybeans slid three-quarters of a cent to $16.71 a bushel.
China iron ore, steel futures rebound
Chinese iron ore and steel futures rose on Wednesday after falling for two consecutive days, as concerns stoked by the COVID-19 outbreak eased.
Benchmark iron ore futures on the Dalian Commodity Exchange had plunged more than 8 percent this week until Tuesday, while construction-used rebar on the Shanghai Futures Exchange lost some 3 percent on fears over sluggish demand outlook due to recurring COVID-19 outbreaks in China.
The most-active iron ore contract for September delivery jumped as much as 3.5 percent to $127.19 a ton in the morning session.Â
Spot prices of iron ore with 62 percent iron content for delivery to China rose 50 cents to $139.5 a ton on Tuesday, according to SteelHome consultancy.
Indonesia widens palm oil export
Indonesia’s planned export ban on cooking oil’s raw material will cover crude palm oil, refined palm oil and used cooking oil, among other palm oil products, its chief economic minister said on Wednesday.
The announcement was a reversal of the minister’s statement a day earlier, in which he had said the export ban would only cover refined, bleached, and deodorized palm olein. The ban comes into force at midnight, 1700 GMT Wednesday.
(With inputs from Reuters)Â
