RIYADH: Gold bounced to a fresh multi-week peak on Friday with its safe-haven allure getting a fillip as the dollar gave up initial gains following another jump in US inflation, with the current price range also seemingly attracting bids for bullion.
Spot gold is currently priced at $1,765.94 per ounce, while US gold futures are settled at $1,781.80.
Soybeans up, wheat falls
Chicago soybeans rallied on Friday and were set for their biggest weekly rise in 22 years as forecasts of hot and dry weather in the US Midwest raised supply concerns, while strong soymeal demand added support.
Corn made its biggest weekly gain in nearly five months, while wheat finished the week higher after two weeks of decline.
The Chicago Board of Trade’s most-active soybean contract Sv1 added 27-3/4 cents to $16.37 a bushel, climbing 11.99 percent, its biggest weekly climb since July 23, 1999.
CBOT’s most-active corn added 1 cent to $6.20 a bushel, making its biggest weekly rise since March 4, while wheat fell 9-1/4 cents to $8.07-3/4 a bushel.
Copper up
Copper prices touched their highest levels in three weeks on Friday amid renewed supply concerns and after US central bank authorities signaled slower interest rate rises.
The metal mainly used in power and construction has a tight supply backdrop, with inventories sliding and miners scaling back production plans.
Three-month copper on the London Metal Exchange settled up 2 percent to $7,917.50 a ton on Friday, its highest since July 8.
China approves trading of some soybean and soyoil options
China’s securities regulator has approved the trading of some soybean and soyoil options on the Dalian Commodity Exchange, it said on Friday.
Trading will begin on Aug. 8, the China Securities Regulatory Commission said in a statement.
(With input from Reuters)
