Commodities Update — Gold down, silver up; China iron ore, steel futures rebound

Commodities Update — Gold down, silver up; China iron ore, steel futures rebound

RIYADH: Gold prices fell on Wednesday as the US dollar consolidated at its highest level in more than two years and pressured demand for greenback-priced bullion. Spot gold was down 0.4 percent at $1,897.86 per ounce, as of 0612 GMT. US gold futures slid 0.3 percent to $1,898.80. Spot silver gained 0.2 percent to $23.53 per ounce. Platinum dipped 0.1 percent to $920.23, and palladium firmed 0.6 percent to $2,200.40. Chicago wheat ticked lower on Wednesday after climbing more than 2 percent in the previous session, although concerns over tightening world supplies limited the losses. Corn fell after two straight sessions of gains, while soybeans slipped for the fourth day. A decline in the US winter crop rating and delays in spring planting provided some support to prices. The most-active wheat contract on the Chicago Board of Trade fell 0.5 percent to $10.89-1/4 a bushel, as of 0405 GMT. Corn gave up 0.3 percent to $7.99 a bushel, while soybeans slid three-quarters of a cent to $16.71 a bushel. Chinese iron ore and steel futures rose on Wednesday after falling for two consecutive days, as concerns stoked by the COVID-19 outbreak eased. Benchmark iron ore futures on the Dalian Commodity