Gold prices soared close to a record high this week, boosted by the precious metal’s safe-haven status, but gold lost its shine after upbeat US data softened fears about the global economic outlook.
“Industrial commodity prices remain largely in the sway of macro-economic data releases and associated sentiment,” Barclays Capital analyst Sudakshina Unnikrishnan said. “This week has seen a respite from recent selling pressure but sentiment remains fragile and vulnerable with lingering concerns on the health of an economic recovery.”
PRECIOUS METALS: Gold climbed within a whisker of a record high on Wednesday, hitting US$1,254.73 an ounce — the highest point since late June — amid global economic jitters, before trimming gains on Friday.
The precious metal had hit a record US$1,265.30 per ounce on June 21, propelled partly by concerns over the poor economic climate.
By late on Friday on the London Bullion Market, gold rose to US$1,240.50 an ounce from US$1,235 a week earlier.
Silver rallied to US$19.66 an ounce from US$19.03.
On the London Platinum and Palladium Market, platinum climbed to US$1,553 an ounce from US$1,530.
Palladium leapt to US$524 an ounce from US$503.
OIL: Crude oil prices drew strength from economic data, particularly in the US.
Tamas Varga, analyst at PVM Oil Associates in London, told reporters that the US payrolls report was “certainly positive” in the short-term for oil.
“Coupled with this week’s good manufacturing [data] from all over the world, it is bullish,” Varga said. “How long this sentiment is going to last is a different question. Generally, unemployment is still high on both sides of the Atlantic and the oil market seems to be well-supplied.”
By late on Friday on London’s Intercontinental Exchange, Brent North Sea crude for October soared to US$77.24 from US$75.77 the previous week.
On the New York Mercantile Exchange, Texas light sweet crude for delivery in October jumped to US$75.07 a barrel compared with US$73.88.
BASE METALS: The prices of base or industrial metals rebounded sharply.
By late on Friday on the London Metal Exchange, copper for delivery in three months rose to US$7,697 a tonne from US$7,291.
GRAINS AND SOYA: Wheat prices rose amid poor growing conditions in key producer nations, and after Russia extended its grain export ban.
By Friday on the Chicago Board of Trade, wheat for delivery in December rose to US$7.33 a bushel from US$6.95 the previous week.
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