Commodities: gold and silver rise as safe-haven queue grows

Commodity prices were mostly lower on Tuesday afternoon, notably barring gold and silver as traders queued towards safe-haven assets following the Brexit vote.

At 14:33 BST, Comex-traded gold was up 0.8% to $1349.7 an ounce.

"This precious metal remains firmly bullish and the risk aversion bred from the ongoing concerns over the global economy has successfully kept prices buoyed," said FXTM research analyst Lukman Otunuga.

"With expectations fading over the US Federal Reserve raising US rates in 2016, gold bulls could be unchained consequently providing another reason for the metal to trade higher," he said, pointing to potential upside risk hinging on Friday's US non-farm payrolls data.

Meantime, Comex-traded silver was up 1.26% to $19.84 an ounce, and copper was down 0.68% to $220.20 a pound. Spot prices per ounce for both platinum and palladium were lower, respectively 0.5% to $1064.21 and 1.93% to $603.85.

In London Metals Exchange-traded three-month industrial metals futures, copper fell 0.37% to 4,893.0/MT, with aluminium down 0.9% to $1,649.50/MT, zinc down 1.72% to $2,118.0/MT and tin up 3.18% to $18,025.0/MT.

Also at 14:33 BST, Nymex-traded West Texas Intermediate was down 2.84% to $47.60 a barrel, while Brent on the Intercontinental Exchange (ICE) was down 2.44% to $48.88 a barrel.

Among agricultural commodities, Chicago Board of Trade pricing on grains was lower. Corn fell 1.50% to $360.0 a bushel and wheat lost 3.42% to $430.25 a bushel.

On the softs front, ICE cocoa was ahead 1.07% to $3027/MT. Sugar No.11 was up 0.91% to $20.97/lb and Cotton No.2 was ahead 0.68% to $65.43/lb.

However, orange juice, rubber and ethanol were lower.

Live CME-traded cattle were down 1.61% to $112.98/lb, as CME lean hogs gained 0.81% to $83.95/lb.