RIYADH: Gold prices edged down on Friday, as stronger dollar and interest rate hikes from major central banks dented the safe-haven metal's appeal.Â
Spot gold is currently priced at $1,839.39 an ounce, while US gold futures is at $1,840.60.
Wheat down
Chicago wheat futures fell on Friday, erasing gains earlier in the week as harvest pressure weighs and a firmer dollar limits export business, traders said.
Corn inched higher, finding a fresh one-month high, supported by hot weather in the US Midwest that could threaten crops, while soybeans traded near even heading into a three-day holiday weekend.
The most-active wheat contract on the Chicago Board of Trade lost 44 cents to $10.34-1/4 a bushel, down 3.5 percent for the week.
CBOT corn eased 3-3/4 cents to end at $7.84-1/2 per bushel, after earlier reaching $8.00, its highest since May 18.
CBOT soybeans eased 7-1/2 cents to $17.02 per bushel, falling 2.5 percent on the week, its biggest weekly loss since the week ended May 6.
GM hikes Hummer EV price by over $6,000 as commodity costs rise
General Motors Co. on Friday raised the price of its Hummer EV pickup truck by $6,250 as it seeks to mitigate higher commodity and shipping costs amid high demand for cars and trucks.
The pickup, currently priced at about $80,000 to $110,000, has more than 77,500 existing bookings which will not be impacted by the price hike as it will come into effect for vehicles reserved on or after Saturday, GM said.
The company has been able to offset $5 billion in higher supply chain costs by raising prices and cutting expenses, GM Chief Financial Officer Paul Jacobson told investors at a conference sponsored by Deutsche Bank on Wednesday.
Last month, Tesla raised its Model 3 and Model Y prices, marking the automaker’s fifth price increase in just a few months.
Electric vehicle maker Rivian Automotive Inc. has also raised prices on its pickup trucks by 20 percent, however, the company rolled back the hikes on vehicles booked before March 1 after facing backlash from customers.
(With input from Reuters)
