Commodities Update — Gold, silver up; China’s trade with Russia rises in March

Commodities Update — Gold, silver up; China’s trade with Russia rises in March

RIYADH: Gold prices edged higher on Wednesday as concerns of an escalation in the Russia-Ukraine conflict increased safe-haven bids for the precious metal. However, a firmer US dollar capped bullion’s gain. Spot gold was up 0.2 percent at $1,969.76 per ounce, as of 0609 GMT, after hitting a near one-month peak of $1,978.21 on Tuesday. US gold futures were flat at $1,975.80. Silver, platinum gain slightly, palladium up 3.1% Spot silver was up 0.4 percent at $25.46 per ounce. Platinum rose 0.7 percent to $972.51, and palladium gained 3.1 percent to $2,398.15. US wheat futures were firmer in early Asian trading on Wednesday, extending gains on persistent worries about Black Sea grain exports disrupted by the Russia-Ukraine conflict, while corn retreated from a five-week high. The most-active wheat contract on the Chicago Board of Trade, or CBOT, was up 0.3 percent at $11.16 a bushel as of 0039 GMT, trading near Tuesday’s three-week high of $11.25. CBOT corn shed 0.4 percent to $7.73 a bushel after rallying to as high as $7.79 in the previous session, its strongest since March 7. CBOT soybean edged up 0.1 percent to $16.71-1/4 a bushel. China’s overall trade with Russia rose by more than