RIYADH: Gold prices rose on Monday, helped by a slight pullback in the US dollar and investors dialing down bets of a 100-basis-point interest rate hike by the Federal Reserve this month.
Spot gold rose 0.4 percent to $1,713.91 per ounce by 0453 GMT, after falling to its lowest in nearly a year last week.
US gold futures gained 0.5 percent to $1,712.70.
Silver rises
Spot silver rose 0.6 percent to $18.80 per ounce and platinum gained 1.1 percent to $859.50.
Palladium climbed 2.7 percent to $1,878.29, having risen about 3 percent earlier.
Wheat rebounds
Chicago wheat futures rose 2 percent on Monday, with the market rising for the first time in six sessions and recovering from its lowest in more than five months, although hopes for a pick-up in Ukrainian exports limited gains.
Corn gained more ground on concerns over hot weather threatening the US crop in its critical phase of pollination.
The most-active wheat contract on the Chicago Board of Trade rose 2 percent to $7.92-1/2 a bushel, by 0317 GMT, after dropping to its weakest since Feb. 10 at $7.66 a bushel in the last session.
Corn added 0.5 percent to $6.06-3/4 a bushel, while soybeans gained 1.1 percent at $13.57-1/2 a bushel.
Copper edges up
Copper rose on Monday on Chinese regulators’ latest effort to avert a potential crisis in the country’s real estate market, which consumes a vast amount of metals.
Three-month copper on the London Metal Exchange rose 0.5 percent to $7,225.50 a ton by 0229 GMT, rebounding from its lowest since November 2020 of $6,955 a ton hit in the previous session.
The most-traded August copper contract on the Shanghai Futures Exchange advanced 1.9 percent to $8,233.64 a ton. Copper prices rebounded on Friday after touching 20-month lows after US data eased worries about high inflation and pushed the dollar lower.
