RIYADH: Gold prices eased on Monday from a one-month high earlier in the session, as US inflation data lifted Treasury yields and tempered the appeal of safe-haven bullion.
Spot gold was down 0.5 percent at $1,862.29 per ounce, as of 0205 GMT. US gold futures also eased 0.5 percent to $1,866.80.
Gold, which is seen as a safe-haven asset in times of economic crises, hit its highest since May 9 earlier in the session at $1,877.05 per ounce.Â
Silver dips
Spot silver dipped 1.1 percent to $21.63 per ounce, while platinum fell 1.5 percent to $958.51.
Palladium dropped 2.1 percent to $1,894.72.Â
Soybean futures drop
Chicago soybean futures slid on Monday, but losses were limited and the market traded near last week’s all-time high after a widely watched US report forecast lower inventories.
Wheat jumped 1.6 percent as concerns over supplies from the Black Sea region underpinned prices, while corn rose after closing largely unchanged on Friday.
The most-active soybean contract on the Chicago Board of Trade lost 0.4 percent to $17.37-3/4 a bushel by 0348 GMT, not far from Thursday’s record high of $17.84 a bushel.
Wheat rose 1.6 percent to $10.88 a bushel and corn gained 0.5 percent at $7.77 a bushel.Â
Aluminum drops to six-month low
London aluminum prices dropped to a six-month low on Monday, as worries grew that rising COVID-19 cases in Beijing and prospects of elevated interest rates for a longer time would hammer global economic growth and dent demand for metals.
Three-month aluminum on the London Metal Exchange slipped 1.4 percent to $2,643.50 a ton, as of 0421 GMT, its lowest since Dec. 16.
The most-traded July aluminum contract in Shanghai fell 2.5 percent to $2,978.54 a ton by the midday break.
