Gold prices shot above US$1,300 for the first time and silver nailed a 30-year high this week as traders exited the US currency for safe-haven investments on worries about fragile economic recovery.
PRECIOUS METALS: Gold and silver rallied as investment demand propelled precious metals higher.
Gold prices struck a record-high US$1,300.07 an ounce on the London Bullion Market, helping to drag sister metal silver to US$21.44 an ounce — its highest level since October 1980.
“The underlying bullish trend in the gold market continues to be fueled by the high level of uncertainty regarding the United States and European economies,” SEB Commodity Research analyst Filip Petersson said.
By late on Friday on the London Bullion Market, gold rallied to US$1,297.00 an ounce from US$1,274.00 a week earlier.
Silver advanced to US$21.35 an ounce from US$20.85.
On the London Platinum and Palladium Market, platinum jumped to US$1,645 an ounce from US$1,618.
OIL: Crude oil prices began the week with a bang, surging on Monday as the market followed stocks higher.
By late on Friday on London’s Intercontinental Exchange, Brent North Sea crude for delivery in November gained to US$79.38 a barrel from US$77.89 a week earlier.
On the New York Mercantile Exchange, Texas light sweet crude for November stood at US$76.56 a barrel compared with US$73.76 for the October contract.
BASE METALS: Base or industrial metals mostly rallied on the back of “the weak US dollar,” analysts at Commerzbank said.
By late on Friday on the London Metal Exchange, copper for delivery in three months jumped to US$7,966 a tonne from US$7,723.
GRAINS AND SOYA: Maize prices hit two-year highs and soya 15-month peaks on tight supplies.
Maize hit US$5.2375 a bushel — the highest level since September 2008 — before ending lower compared with a week earlier.
By Friday on the Chicago Board of Trade, maize for delivery in December stood at US$5.10 a bushel from US$5.13 the previous week.
November-dated soyabean meal rose to US$11.15 a bushel from US$10.69 a week earlier.
Wheat for December fell to US$7.03 a bushel from US$7.39.
COTTON: Cotton prices reached above US$1 a pound (0.45kg) for the first time in 15 years.
A surge in demand for clothing in the developing world coupled with the devastating floods in Pakistan and a heavy monsoon season in China and India have made cotton a highly sought-after commodity.
By Friday in New York, cotton for December rose to US$0.9884 a pound from US$0.9879 a week earlier.
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