The price of gold surged to an all-time high point above US$1,262, oil futures rebounded and coffee struck multi-month peaks in a positive week for commodities.
PRECIOUS METALS: The price of gold hit a record high point of US$1,262.50 an ounce on Friday, on the back of the weaker US currency and downbeat US economic data, traders said.
“This could open the door to further appreciation towards the 1,300-dollar level in the coming weeks,” said Rajesh Patel, head trader at financial betting firm Spread Co.
The new high smashed the previous record of US$1,252.11 an ounce that was forged on June 8 as investors sought the safe-haven metal amid mounting concern about the eurozone debt crisis.
Silver, platinum and palladium prices meanwhile hit one-month highs this week.
By late on Friday on the London Bullion Market, gold prices were at US$1,256 an ounce from US$1,220 the previous week.
Silver climbed to US$18.77 an ounce from US$18.31.
On the London Platinum and Palladium Market, platinum gained to US$1,578 an ounce from US$1,539.
Palladium advanced to US$484 an ounce from US$449.
OIL: Prices surged this week on the back of global economic recovery hopes, the weak US dollar and a surprise drop in US gasoline inventories that suggested strengthening energy demand.
“Crude pushed higher over the past week, gaining in line with other commodities amid improving risk sentiment and a pronounced correction in the dollar,” VTB Capital analyst Andrey Kryuchenkov said.
By late on Friday on the New York Mercantile Exchange, Texas light sweet crude for delivery in July leapt to US$77.26 a barrel from US$71.78 a week earlier.
On London’s Intercontinental Exchange, Brent North Sea crude for August delivery soared to US$78.49 from US$72.58 for the July contract one week earlier.
BASE METALS: Base metal prices mostly rose.
By Friday on the London Metal Exchange, copper for delivery in three months fell to US$6,365 a tonne from US$6,480 a week earlier. Three-month aluminum edged up to US$1,960 a tonne from US$1,956.
COFFEE: Coffee prices soared on worries of tight supplies, hitting a 27-month pinnacle in New York and a 17-month high point in London.
In New York, Arabica for September jumped to US$1.6295 a pound — striking a level that was last seen in March 2008.
In London, Robusta for delivery in September rallied to US$1,595 a tonne, reaching a level last witnessed in March last year.
By Friday on LIFFE — London’s futures exchange — Robusta for delivery in September jumped to US$1,560 a tonne from US$1,529 the previous week.
On the New York Board of Trade (NYBOT), Arabica for July advanced to US$1.6055 a pound from US$1.4505.
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