Gold sparkles, hitting historic peak above $1,123
Sunday, 15 November 2009
LONDON, Nov 14 (AFP): Gold blazed a record-breaking trail above 1,123 dollars this week due to buoyant equities and the weak greenback, which makes it cheaper for buyers using stronger currencies and tends to boost demand.
Elsewhere, crude dived close to one-month lows as oil traders switched focus to weak demand and rising inventories in key energy consuming nation the United States, analysts said.
PRECIOUS METALS: The price of gold surged to an all-time pinnacle of $1,123.38 per ounce here Thursday.
The metal also won support from fears over a possible spike in inflation, as gold is widely regarded by investors as a safe store of value.
Gold, which has risen more than 20 per cent in value this year, has a bright future thanks to improving demand caused by the financial crisis, according to industry experts.
By late Friday on the London Bullion Market, gold rose to $1,104 an ounce from $1,096.75 a week earlier.
Silver slid to $17.32 an ounce from $17.52.
Palladium climbed to $354 an ounce from $330.
OIL: World oil prices sank heavily this week as traders fretted over weak US energy demand, and despite news that the eurozone has officially emerged from recession.
Crude futures had slumped Thursday on a huge jump in US crude stockpiles indicating weaker American demand for oil. New York crude had dropped $2.34 and London Brent oil shed $1.93.
The US Department of Energy said American crude oil reserves surged 1.8 million barrels in the week ending November 6, more than the 200,000 barrels anticipated by the market.
Global oil demand is heading higher than expected as economic recovery gathers pace notably in China, but rising prices could derail expansion, the IEA said earlier this week.
By Friday on the New York Mercantile Exchange (NYMEX), light sweet crude for delivery in December sank to $76.41 from $78.85 a week earlier.
BASE METALS: Base metals prices mainly fell, holding underneath their recent high points, traders said.
By Friday on the London Metal Exchange, copper for delivery in three months fell to 6,492 dollars a tonne from 6,500 dollars a week earlier.
Three-month aluminium firmed to 1,933 dollars a tonne from 1,916 dollars.
Three-month lead decreased to 2,251 dollars a tonne from 2,315 dollars.
Three-month tin slipped to 14,680 dollars a tonne from 14,775 dollars.
Three-month zinc eased to 2,165 dollars a tonne from 2,194 dollars.
Three-month nickel recoiled to 16,050 dollars a tonne from 17,825 dollars.
COCOA: Cocoa prices lost more ground after striking a recent 24-year high on prospects of lower output from leading producer Ivory Coast.
By Friday on LIFFE, London's futures exchange, the price of cocoa for delivery in December dipped to 2,022 pounds a tonne from 2,099 pounds a week earlier.
On the New York Board of Trade (NYBOT), the December cocoa contract dropped to 3,117 dollars a tonne from 3,186 dollars.
SUGAR: Sugar diverged in cautious trade.
By Friday on LIFFE, the price of a tonne of white sugar for delivery in March edged up to 593 pounds from 589.50 pounds a week earlier.
On NYBOT, the price of unrefined sugar for March nudged lower to 22.56 US cents a pound from 22.63 cents.
GRAINS AND SOYA: Prices rose in choppy deals as traders tracked weather conditions in the United States.
By Friday on the Chicago Board of Trade, maize for delivery in December rose to 3.91 dollars a bushel from 3.67 dollars a week earlier.
January-dated soyabean meal-used in animal feed-climbed to 9.99 dollars from 9.55 dollars.
Wheat for December increased to 5.38 dollars a bushel from 4.97 dollars.
COFFEE: Coffee prices fell in London and New York.
By Friday on LIFFE, Robusta for delivery in January sank to 1,311 dollars a tonne from 1,437 dollars a week earlier.
On the NYBOT, Arabica for December eased to 134.50 US cents a pound from 139.95 cents.
RUBBER: Malaysian rubber prices rose due to widespread concerns over tight supplies, dealers said.
On Friday, the Malaysian Rubber Board's benchmark SMR20 climbed to 241.80 US cents per kilo, from 231.95 cents last week.
Elsewhere, crude dived close to one-month lows as oil traders switched focus to weak demand and rising inventories in key energy consuming nation the United States, analysts said.
PRECIOUS METALS: The price of gold surged to an all-time pinnacle of $1,123.38 per ounce here Thursday.
The metal also won support from fears over a possible spike in inflation, as gold is widely regarded by investors as a safe store of value.
Gold, which has risen more than 20 per cent in value this year, has a bright future thanks to improving demand caused by the financial crisis, according to industry experts.
By late Friday on the London Bullion Market, gold rose to $1,104 an ounce from $1,096.75 a week earlier.
Silver slid to $17.32 an ounce from $17.52.
Palladium climbed to $354 an ounce from $330.
OIL: World oil prices sank heavily this week as traders fretted over weak US energy demand, and despite news that the eurozone has officially emerged from recession.
Crude futures had slumped Thursday on a huge jump in US crude stockpiles indicating weaker American demand for oil. New York crude had dropped $2.34 and London Brent oil shed $1.93.
The US Department of Energy said American crude oil reserves surged 1.8 million barrels in the week ending November 6, more than the 200,000 barrels anticipated by the market.
Global oil demand is heading higher than expected as economic recovery gathers pace notably in China, but rising prices could derail expansion, the IEA said earlier this week.
By Friday on the New York Mercantile Exchange (NYMEX), light sweet crude for delivery in December sank to $76.41 from $78.85 a week earlier.
BASE METALS: Base metals prices mainly fell, holding underneath their recent high points, traders said.
By Friday on the London Metal Exchange, copper for delivery in three months fell to 6,492 dollars a tonne from 6,500 dollars a week earlier.
Three-month aluminium firmed to 1,933 dollars a tonne from 1,916 dollars.
Three-month lead decreased to 2,251 dollars a tonne from 2,315 dollars.
Three-month tin slipped to 14,680 dollars a tonne from 14,775 dollars.
Three-month zinc eased to 2,165 dollars a tonne from 2,194 dollars.
Three-month nickel recoiled to 16,050 dollars a tonne from 17,825 dollars.
COCOA: Cocoa prices lost more ground after striking a recent 24-year high on prospects of lower output from leading producer Ivory Coast.
By Friday on LIFFE, London's futures exchange, the price of cocoa for delivery in December dipped to 2,022 pounds a tonne from 2,099 pounds a week earlier.
On the New York Board of Trade (NYBOT), the December cocoa contract dropped to 3,117 dollars a tonne from 3,186 dollars.
SUGAR: Sugar diverged in cautious trade.
By Friday on LIFFE, the price of a tonne of white sugar for delivery in March edged up to 593 pounds from 589.50 pounds a week earlier.
On NYBOT, the price of unrefined sugar for March nudged lower to 22.56 US cents a pound from 22.63 cents.
GRAINS AND SOYA: Prices rose in choppy deals as traders tracked weather conditions in the United States.
By Friday on the Chicago Board of Trade, maize for delivery in December rose to 3.91 dollars a bushel from 3.67 dollars a week earlier.
January-dated soyabean meal-used in animal feed-climbed to 9.99 dollars from 9.55 dollars.
Wheat for December increased to 5.38 dollars a bushel from 4.97 dollars.
COFFEE: Coffee prices fell in London and New York.
By Friday on LIFFE, Robusta for delivery in January sank to 1,311 dollars a tonne from 1,437 dollars a week earlier.
On the NYBOT, Arabica for December eased to 134.50 US cents a pound from 139.95 cents.
RUBBER: Malaysian rubber prices rose due to widespread concerns over tight supplies, dealers said.
On Friday, the Malaysian Rubber Board's benchmark SMR20 climbed to 241.80 US cents per kilo, from 231.95 cents last week.