Gold was little changed after falling yesterday as a decline in energy costs and food prices, including corn and soybeans, eroded the appeal of the precious metals as a hedge against inflation.
Gold fell 0.8 percent yesterday as commodities plunged the most since March, led by tumbling U.S. grain futures on the improved crop weather prospect. Crude oil lost 2.7 percent yesterday amid short-lived gains in the dollar and signs economic growth is slowing across Europe, which may curtail energy demand.
Bullion for immediate delivery was up 0.1 percent at $926.90 an ounce at 10:06 a.m. in Singapore after trading between $924.24 and $928.30. Silver was up 0.2 percent at $17.81 an ounce after losing 1.7 percent.
Gold for August delivery was 0.1 percent lower at $928 an ounce in after-hours electronic trading on Comex at 10:09 a.m. Singapore time.
Gold for June 2009 delivery was up 2 yen at 3,222 yen a gram ($935 an ounce) on the Tokyo Commodity Exchange at the 11 a.m. local time midday break, while gold for December delivery traded in Shanghai was up 0.1 percent at 205.01 yuan a gram ($930 an ounce) at 10:13 a.m. local time.
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Gold: Marginal Changes
Gold was little changed after falling yesterday as a decline in energy costs and food prices, including corn and soybeans, eroded the appeal of the precious metals as a hedge against inflation...
