Gold, little changed, may gain after climbing to a record yesterday as the Federal Reserve said it was willing to ease monetary policy further to boost the U.S. economy, sending the dollar to a six-week low.
Oil climbed as U.S. jobless claims fell, Japan boosted its estimate of economic growth, and China increased imports of crude, signaling improved prospects for fuel demand in the biggest energy consuming nations.
Oil declined, headed for a weekly drop, amid forecasts that a U.S. government report will probably show the jobless rate rose in August for the first time in four months, signaling a recovery in fuel demand may falter.
Wheat headed for the biggest weekly gain in half a century on concern other countries may follow an export ban by Russia, and may reach $10 a bushel, a price not seen since the global food crisis in 2008.
Sugar may gain as much as 12 percent in the fourth quarter from current prices, supported by “strong demand” in Asia, before likely declining next year as output from Brazil and India expands, producers and analysts said.