Gold prices remained steady after reaching a three-month low following statements from U.S. Federal Reserve Chair Jerome Powell indicating the possibility of further interest rate hikes. Powell noted that if the economy maintains its current direction, further rate increases are a “pretty good guess” of where the bank is headed. The opportunity cost of holding non-yielding bullion rises with interest rate hikes, and the possibility of such an increase caused the world s largest gold-backed exchange-traded fund, SPDR Gold Trust, to fall 0.19% on June 20th.
Chicago corn futures inched lower in early Asian trade on Thursday, as traders locked in profits after a recent rally over concerns about dry weather conditions in key areas of the U.S. Midwest.