Gold prices dropped further from recent record heights and crude oil futures tumbled this week, but cocoa struck a 24-year peak in a mixed trading week for commodities amid a stronger US dollar and debt fears.
PRECIOUS METALS: Gold prices extended losses after the precious metal had hit a record high of US$1,226.56 an ounce last Thursday.
Gold prices fell “as a stronger dollar prompts profit-taking,” Barclays Capital analyst Suki Cooper said.
Gold prices had smashed records in recent weeks on the back of inflationary fears and increasing moves by central banks to diversify assets away from the US dollar. Gold is traditionally viewed as a safe-haven investment.
By late Friday on the London Bullion Market, gold dropped to US$1,124 an ounce from US$1,190.25 a week earlier.
Silver slid to US$17.51 an ounce from US$18.83.
On the London Platinum and Palladium Market, platinum retreated to US$1,429 an ounce at the late fixing on Friday from US$1,472 the previous week.
Palladium fell to US$367 an ounce from US$378.
OIL: Oil prices plunged under US$70 amid signs of weak energy demand in the US.
“The oil market remains troubled by subdued US oil demand,” analysts from the Commonwealth Bank of Australia said in a report published on Friday that referred to new data from the US Department of Energy (DOE).
The DOE’s weekly report published on Wednesday said US distillate inventories had risen by 1.6 million barrels in the week ended last Friday, against market expectations for a drop of 500,000 barrels.
By Friday on the New York Mercantile Exchange, light sweet crude for delivery in January dived to US$69.79 a barrel from US$77.61 a week earlier.
On London’s InterContinental Exchange, Brent North Sea crude for January delivery slumped to US$71.45 from US$79.48 a week earlier.
COCOA: Cocoa prices reached the highest point for almost 25 years in London trading. They struck £2,301 a tonne — a level last seen in February, 1985.
By Friday on LIFFE, London’s futures exchange, the price of cocoa for delivery in May stood at £2,293 a tonne compared with £2,184 for the expired March contract a week earlier.
On the New York Board of Trade, the March cocoa contract climbed to US$3,415 a tonne from US$3,367.
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