Markets update — Gold steady, soybean and wheat rise, corns ease

Markets update — Gold steady, soybean and wheat rise, corns ease

RIYADH: Gold prices held steady on Wednesday as worries over the Ukraine crisis sustained demand for the safe-haven metal, although calls from US Federal Reserve officials for sharper interest rate hikes weighed on market sentiment. Spot gold was little changed at $1,923.47 per ounce by 0311 GMT. US gold futures were up 0.1 percent at $1,923.40. Chicago soybean futures rose for a third consecutive session on Wednesday with signs of strong export demand for US cargo supporting prices, even as South American harvest peaked. Wheat gained ground as expectations of a prolonged Russia-Ukraine conflict heightened concerns over global supplies. The most-active soybean contract on the Chicago Board of Trade was up 0.3 percent at $17.01-1/4 a bushel, as of 0232 GMT. Wheat rose 0.2 percent to $11.20-3/4 a bushel, while corn lost 0.2 percent to $7.51-1/4 a bushel. London aluminum prices edged higher on Wednesday as risks of supply shortages amid the heightened Russia-Ukraine conflict underpinned prices. The benchmark London Metal Exchange aluminum added 0.1 percent to $3,508 a ton by 0114 GMT. On the other hand, Shanghai aluminum lost 0.5 percent to $3,598.81 a ton. Indian shares rose on Wednesday, helped by heavyweight banking stocks, with investors also taking