Commodities Update — Gold dips; Copper rebounds; Starbucks misses China sales estimates

Commodities Update — Gold dips; Copper rebounds; Starbucks misses China sales estimates

RIYADH: Gold prices fell on Wednesday as higher US Treasury yields and a looming interest rate hike announcement by the Federal Reserve dented demand for zero-yield bullion. Spot gold was down 0.2 percent at $1,864.61 per ounce at 0438 GMT. US gold futures fell 0.4 percent to $1,863.50. Spot silver gained 0.1 percent to $22.57 per ounce, while platinum rose 0.6 percent to $967.34. Palladium was flat at $2,256.38. Planting delays in parts of the US Midwest looked set to put a floor under the Chicago corn market as prices were largely unchanged on Wednesday after closing lower in the previous session. The most-active corn contract on the Chicago Board of Trade was up a quarter of a cent at $7.93-1/4 a bushel at 0316 GMT. Wheat rose 0.2 percent to $10.47-1/2 a bushel, and soybeans gained 0.1 percent to $16.31-1/4 a bushel. London copper rose on Wednesday as investors took advantage of a steep fall in the previous session to buy the metal, although the demand outlook still appeared weak with COVID-19 lockdowns in critical consumer China and aggressive interest rate hikes globally. Benchmark three-month copper on the London Metal Exchange was up 1.1 percent at $9,516.50 a ton