RIYADH: Gold prices fell on Friday, pressured by a stronger dollar and as better-than-expected US jobs data raised concerns of aggressive monetary policy tightening.
Spot gold fell 1 percent to $1,851 per ounce, after earlier falling to $1,846.4. US gold futures settled down 1.1 percent at $1,850.2.
Wheat declines
US wheat and corn futures weakened on Friday as traders monitored diplomatic talks aimed at resuming shipments of Ukrainian grain stalled since Russia’s invasion, analysts said.
Soybean futures also declined as market participants booked profits before the weekend, brokers said.
Most-active wheat futures ended 18-1/4 cents lower at $10.40 a bushel at the Chicago Board of Trade. Corn settled down 3-1/4 cents at $7.27 a bushel, while soybeans dropped 31-1/2 cents to $16.97-3/4.
India says no plans for now to curb food exports
India has no plans to curb food exports for now, Piyush Goyal, the minister for commerce and industry, consumer affairs, food and public distribution, said on Friday, weeks after New Delhi banned private wheat exports.
“As of now we do not see the need to do it on any other commodity,” Goyal said answering a query whether the government of Prime Minister Narendra Modi was considering banning the export of food products such as rice.
India banned wheat exports on May 14, just days after New Delhi forecasted record shipments of 10 million tons this year, as a heat wave hit output and sent domestic prices to record highs.
A few weeks later, India imposed restrictions on sugar exports for the first time in six years, by capping this season’s exports at 10 million tons, to prevent a surge in domestic prices, after mills sold a record volume on the world market.
(With input from Reuters)
