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.
Tropical Storm Gaemi strengthened into a typhoon at 2pm yesterday, and could make landfall in Yilan County tomorrow, the Central Weather Administration (CWA) said yesterday. The agency was scheduled to issue a sea warning at 11:30pm yesterday, and could issue a land warning later today. Gaemi was moving north-northwest at 4kph, carrying maximum sustained winds near its center of up to 118.8kph and gusts of 154.8kph. The circumference is forecast to reach eastern Taiwan tomorrow morning, with the center making landfall in Yilan County later that night before departing from the north coast, CWA weather forecaster Kuan Shin-ping (官欣平) said yesterday. Uncertainty remains and
SEA WARNING LIKELY: The storm, named Gaemi, could become a moderate typhoon on Wednesday or Thursday, with the Taipei City Government preparing for flooding A tropical depression east of the Philippines developed into a tropical storm named Gaemi at 2pm yesterday, and was moving toward eastern Taiwan, the Central Weather Administration (CWA) said. Gaemi could begin to affect Taiwan proper on Tuesday, lasting until Friday, and could develop into a moderate typhoon on Wednesday or Thursday, it said. A sea warning for Gaemi could be issued as early as Tuesday morning, it added. Gaemi, the third tropical storm in the Pacific Ocean this typhoon season, is projected to begin moving northwest today, and be closest to Taiwan on Wednesday or Thursday, the agency said. Today, there would likely
DISRUPTIONS: The high-speed rail is to operate as normal, while several airlines either canceled flights or announced early departures or late arrivals Schools and offices in 15 cities and counties are to be closed today due to Typhoon Gaemi, local governments announced last night. The 15 are: Taipei, New Taipei City, Taoyuan, Tainan, Keelung, Hsinchu and Kaohsiung, as well as Yilan, Hualien, Hsinchu, Miaoli, Chiayi, Pingtung, Penghu and Lienchiang counties. People should brace for torrential rainfall brought by the storm, with its center forecast to make landfall on the east coast between tonight and tomorrow morning, the Central Weather Administration (CWA) said. The agency issued a sea warning for the typhoon at 11:30pm on Monday, followed by a land warning at 11:30am yesterday. As of
CASUALTY: A 70-year-old woman was killed by a falling tree in Kaohsiung as the premier warned all government agencies to remain on high alert for the next 24 hours Schools and offices nationwide are to be closed for a second day today as Typhoon Gaemi crosses over the nation, bringing torrential rain and whipping winds. Gaemi was forecast to make landfall late last night. From Tuesday night, its outer band brought substantial rainfall and strong winds to the nation. As of 6:15pm last night, the typhoon’s center was 20km southeast of Hualien County, Central Weather Administration (CWA) data showed. It was moving at 19kph and had a radius of 250km. As of 3pm yesterday, one woman had died, while 58 people were injured, the Central Emergency Operation Center said. The 70-year-old