Gold prices struck record highs close to US$1,300 this week as investors sought alternatives to the US dollar amid heightened fears about the fragile state of the US economic recovery.
PRECIOUS METALS: Gold prices hit an all-time peak of US$1,282.97 an ounce on Friday as the US dollar waned on mounting expectations that the US Federal Reserve will pump more money into the US economy.
Silver meanwhile struck the highest levels in two-and-a-half years, at US$20.99 an ounce, on the back of gold’s record run higher.
Gold this week broke June’s record of US$1,265 an ounce.
By late on Friday on the London Bullion Market, gold had jumped to US$1,274.00 an ounce from US$1,246.50 a week earlier.
Silver grew to US$20.85 an ounce from US$19.90.
On the London Platinum and Palladium Market, platinum rallied to US$1,618 an ounce from US$1,545.
Palladium advanced to US$547 an ounce from US$518.
OIL: Crude traded mixed as supply disruptions gave way to concerns over weak demand.
By late on Friday on London’s Intercontinental Exchange, Brent North Sea crude for delivery in November stood at US$77.89 a barrel compared with US$77.63 for the October contract a week earlier.
On the New York Mercantile Exchange, Texas light sweet crude for October fell to US$73.76 a barrel compared with US$75.86.
BASE METALS: Industrial metals advanced across the board.
By late on Friday on the London Metal Exchange, copper for delivery in three months rose to US$7,723 a tonne from US$7,555.
GRAINS AND SOYA: Maize, or corn, prices hit the highest levels in nearly two years on supply worries amid keen demand.
By Friday on the Chicago Board of Trade, maize for delivery in December gained to US$5.06 a bushel from US$4.78 the previous week.
Wheat for December fell to US$7.31 a bushel from US$7.36.
November-dated soyabean meal — used in animal feed — rose to US$10.58 a bushel from US$10.31.
COFFEE: Coffee futures rallied in London, but fell in New York a week after striking 13-year highs on keen demand from speculators.
By Friday on the New York Board of Trade, Arabica for delivery in December fell to US$1.9075 a pound (0.45kg) from US$1.9260 the previous week.
On London’s futures exchange, Robusta for November jumped to US$1,660 a tonne from US$1,588.
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