Gold hits all-time high, oil two-year high in New York
Sunday, 7 November 2010
NEW YORK, Nov 6 (Commodity Online): Gold hit an all time high for the weekend while oil climbed to a two year high at close Friday mainly on stimulus measures by US Fed, expected to boost demand for safehaven assets aainst the dollar.
The precious yellow metal for spot delivery hit $1398.27 an ounce while Gold futures for December delivery rose $14.60, or 1.1 per cent, to settle at $1,397.70 on the comex division of Nymex.
The finish was also the highest settlement ever. The metal has rallied 28 per cent this year, heading for the 10th straight annual gain. It capped a 3 per cent gain for this week.
Silver extended a rally to a 30-year high. Silver futures for December delivery rose 70.5 cents, or 2.7 per cent, to $26.748 an ounce.
Earlier, the price reached $26.915, the highest level for a most-active contract since March 1980. The metal is up 8.9 per cent this week and 59 per cent in 2010.
The Fed's move, called quantitative easing, weakens the dollar because it would raise the money supply. A weaker dollar, in turn, lifts crude by making the commodity cheaper in foreign currencies.
The black gold also inched up Friday to settle at a two-year high, after the Labour Department said the US economy added 151,000 jobs last month.
Light, sweet crude for December delivery settled up 36 cents, or 0.4 per cent, at $86.85 a barrel on the New York Mercantile Exchange, the highest settlement since October 2008. Brent crude on the ICE futures exchange recently gained 12 cents, or 0.1 per cent, at $88.12.
Nonfarm payrolls rose by a larger-than-expected 151,000 in October, the first gain since May, according to the Labour Department. But the addition wasn't enough to move the unemployment rate, which remained at 9.6 per cent.
The precious yellow metal for spot delivery hit $1398.27 an ounce while Gold futures for December delivery rose $14.60, or 1.1 per cent, to settle at $1,397.70 on the comex division of Nymex.
The finish was also the highest settlement ever. The metal has rallied 28 per cent this year, heading for the 10th straight annual gain. It capped a 3 per cent gain for this week.
Silver extended a rally to a 30-year high. Silver futures for December delivery rose 70.5 cents, or 2.7 per cent, to $26.748 an ounce.
Earlier, the price reached $26.915, the highest level for a most-active contract since March 1980. The metal is up 8.9 per cent this week and 59 per cent in 2010.
The Fed's move, called quantitative easing, weakens the dollar because it would raise the money supply. A weaker dollar, in turn, lifts crude by making the commodity cheaper in foreign currencies.
The black gold also inched up Friday to settle at a two-year high, after the Labour Department said the US economy added 151,000 jobs last month.
Light, sweet crude for December delivery settled up 36 cents, or 0.4 per cent, at $86.85 a barrel on the New York Mercantile Exchange, the highest settlement since October 2008. Brent crude on the ICE futures exchange recently gained 12 cents, or 0.1 per cent, at $88.12.
Nonfarm payrolls rose by a larger-than-expected 151,000 in October, the first gain since May, according to the Labour Department. But the addition wasn't enough to move the unemployment rate, which remained at 9.6 per cent.