Corn hits decade high; Gold eases; Brazil gets fertilizers from Russia amid sanctions

Corn hits decade high; Gold eases; Brazil gets fertilizers from Russia amid sanctions

RIYADH: Gold edged lower on Tuesday as the dollar strengthened, with expectations that prices in the near-term could retest bullion’s resistance at the key $2,000 per-ounce level. Spot gold was down 0.1 percent at $1,977.19 per ounce, as of 0409 GMT. US gold futures slipped 0.2 percent to $1,981.60. Gold climbed to $1,998.10 on Monday, buoyed by safe-haven demand, as the Ukraine crisis dragged on and inflation concerns mounted. However, the metal later gave up most gains as the dollar and US 10-year Treasury yields firmed. Spot silver gained 0.1 percent to $25.85 per ounce. Platinum rose 0.8 percent to $1,018.48, while palladium dropped 0.2 percent to $2,433.48. US grains futures edged higher on Tuesday, with corn prices touching a decade high, as unfavorable US weather and stalled Black Sea exports due to the Ukraine crisis intensified worries over tightening global supplies. The most-active corn contract on the Chicago Board of Trade climbed as high as $8.13-1/2 a bushel, its highest since September 2012, from Monday’s close of $8.07. CBOT wheat was up 0.8 percent at $11.38 a bushel by 0239 GMT, while CBOT soybeans gained 0.6 percent to $17.25 a bushel. Despite concern that sanctions against Russia would cause