RIYADH: Gold edged higher on Thursday as US bond yields pulled back slightly and Federal Reserve minutes hinted at a less aggressive rate-hike stance, although a firmer dollar kept the metal’s gains in check.
Spot gold was up 0.2 percent at $1,764.75 per ounce, as of 0317 GMT, after falling to a two-week low of $1,753.97 in the previous session.
US gold futures gained 0.1 percent to $1,778.50 per ounce.
Silver falls
Spot silver fell 0.9 percent to $19.65 per ounce, while platinum eased 0.4 percent to $920.03.
Palladium was steady at $2,139.78.
Grains fall
Chicago soybean and corn futures lost ground on Thursday, giving up some of the last session’s gains, as forecasts of rains in parched areas of the US grain belt weighed on the market.
The wheat market faced pressure, falling for a second session, with expectations of higher supplies from Ukraine easing world supply concerns.
The most-active soybean contract on the Chicago Board of Trade lost 0.5 percent to $13.82-3/4 a bushel, as of 0340 GMT and corn gave up 0.2 percent to $6.10-3/4 a bushel.
Wheat fell 0.3 percent to $7.78 a bushel.
Aluminum rises on supply concerns
Aluminum prices in Shanghai advanced on Thursday, supported by depleting supplies amid rising energy costs, but the weakening demand outlook capped gains.
The most-traded September aluminum contract on the Shanghai Futures Exchange advanced 0.7 percent to $2,744.83 a ton by 0403 GMT.
Gold could hit $2,000 if inflation persists, says top expert
Gold prices could hit $2,000 an ounce next year as inflation remains elevated, said an industry veteran.
“The market is going to have to get used to inflation numbers being much higher for longer. That is good for Gold,” Jake Klein, executive chairman at Australia’s Evolution Mining Ltd., told Bloomberg TV.
(With input from Reuters)
