RIYADH: Gold dropped on Monday as the dollar scaled a two-decade high, making greenback-priced bullion less attractive for other currency holders, while elevated US Treasury yields further weighed on prices.
Spot gold was down 0.6 percent at $1,871.96 per ounce, as of 0509 GMT, while US gold futures also slipped 0.5 percent to $1,873.20.
Silver falls, palladium up
Spot silver slipped 0.5 percent to $22.24 per ounce, and platinum fell 1.6 percent to $948.
Palladium gained 0.1 percent to $2,048.69.
Wheat up
Chicago wheat futures rose 1.5 percent on Monday, as Russia’s invasion of Ukraine curbed wheat exports from the Black Sea region — a key supplier — and fueled concerns over tight global supply, while corn and soybeans lost ground.
The most active Chicago Board of Trade wheat was up 1.5 percent at $11.25-1/4 a bushel, as of 0402 GMT. Corn dropped 0.9 percent to 7.77-1/2 a bushel and soybeans lost 0.7 percent to $16.10-3/4 a bushel.
Copper, aluminum dip
Copper and aluminum prices dropped on Monday, as tightening COVID-19 restrictions in top metals consumer China stoked worries about demand, with a stronger dollar further weighing on the market.
Benchmark three-month copper on the London Metal Exchange was down 0.6 percent at $9,354 a ton, as of 0405 GMT, after falling to its lowest since Dec. 15 in early Asian trade.
LME aluminum slipped 0.6 percent to $2,826 a ton, its lowest since Jan. 5.
(With input from Reuters)
