<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published September 14, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>COMMODITIES
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Gold prices top US$1,000; oil rebounds
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(LONDON) The price of gold topped US$1,000 an ounce this week, reaching the highest level for 18 months, and oil futures rebounded as the US dollar weakened significantly on economic recovery hopes.
Precious metals: Gold prices soared to US$1,011.95 an ounce - the highest level since hitting a record high of US$1,032.70 in March 2008.
The push higher was largely driven by weakness in the US currency which makes US dollar-priced commodities cheaper for holders of stronger currencies, boosting demand.
By late Friday on the London Bullion Market, gold jumped to US$1,008.25 an ounce from US$989 a week earlier. Silver climbed to US$16.89 an ounce from US$15.95.
On the London Platinum and Palladium Market, platinum advanced to US$1,292 an ounce at the late fixing on Friday from US$1,244. Palladium grew to US$292 an ounce from US$290. Base metals: Base metals prices experienced a mixed week. By Friday on the London Metal Exchange, copper for delivery in three months rose to US$6,341 a tonne from US$6,265 a week earlier.
Three-month aluminium edged up to US$1,849 a tonne from US$1,847. Three-month lead dropped to US$2,167 a tonne from US$2,331. Three-month tin grew to US$14,500 a tonne from US$14,260. Three-month zinc slipped US$1,929 a tonne from US$1,950.<SCRIPT language=javascript> <!-- // Check for Mac. var strAgent; var blnMac; strAgent = navigator.userAgent; strAgent.indexOf('Mac') > 0 ? blnMac = true:blnMac = false; if (blnMac == true) { document.write('
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</TD></TR></TBODY></TABLE>Oil: Oil prices recovered on increased signs of economic recovery.
'With growth picking up in virtually every country, a self-reinforcing process or positive 'feedback loop' is developing,' analysts from Bank of America-Merrill Lynch said in a report.
'Growth in individual countries is stimulating global growth, via trade and confidence channels. This adds to our confidence in the sustainability of the recovery.'
The market digested much news late in the week as the Organization of Petroleum Exporting Countries (Opec) decided to maintain its production levels as it deemed the market to be 'oversupplied'.
US crude inventories fell by 5.9 million barrels last week, nearly four times more than expected, data from the US Energy Information Administration showed. But petrol stockpiles unexpectedly rose 2.1 million barrels - analysts had forecast a drop of 1.3 million barrels - and distillate stocks, including diesel and heating oil, rose two million barrels.
The global economic downturn has sapped demand for energy, dragging crude prices from record highs of above US$147 in July 2008 to US$32.40 in December. They have since recovered to hover around US$70.
By Friday on London's InterContinental Exchange (ICE), Brent North Sea crude for delivery in October jumped to US$69.80 a barrel from US$66.89 a week earlier.
On the New York Mercantile Exchange (NYMEX), light sweet crude for October rallied to US$71.98 a barrel from US$67.91. - AFP
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</TD></TR><TR><TD vAlign=top width=452 colSpan=2>COMMODITIES
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Gold prices top US$1,000; oil rebounds
<TABLE class=storyLinks border=0 cellSpacing=4 cellPadding=1 width=136 align=right><TBODY><TR class=font10><TD width=20 align=right>
</TD><TD>Email this article</TD></TR><TR class=font10><TD width=20 align=right>
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</TD><TD>Feedback</TD></TR></TBODY></TABLE>(LONDON) The price of gold topped US$1,000 an ounce this week, reaching the highest level for 18 months, and oil futures rebounded as the US dollar weakened significantly on economic recovery hopes.
Precious metals: Gold prices soared to US$1,011.95 an ounce - the highest level since hitting a record high of US$1,032.70 in March 2008.
The push higher was largely driven by weakness in the US currency which makes US dollar-priced commodities cheaper for holders of stronger currencies, boosting demand.
By late Friday on the London Bullion Market, gold jumped to US$1,008.25 an ounce from US$989 a week earlier. Silver climbed to US$16.89 an ounce from US$15.95.
On the London Platinum and Palladium Market, platinum advanced to US$1,292 an ounce at the late fixing on Friday from US$1,244. Palladium grew to US$292 an ounce from US$290. Base metals: Base metals prices experienced a mixed week. By Friday on the London Metal Exchange, copper for delivery in three months rose to US$6,341 a tonne from US$6,265 a week earlier.
Three-month aluminium edged up to US$1,849 a tonne from US$1,847. Three-month lead dropped to US$2,167 a tonne from US$2,331. Three-month tin grew to US$14,500 a tonne from US$14,260. Three-month zinc slipped US$1,929 a tonne from US$1,950.<SCRIPT language=javascript> <!-- // Check for Mac. var strAgent; var blnMac; strAgent = navigator.userAgent; strAgent.indexOf('Mac') > 0 ? blnMac = true:blnMac = false; if (blnMac == true) { document.write('
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'With growth picking up in virtually every country, a self-reinforcing process or positive 'feedback loop' is developing,' analysts from Bank of America-Merrill Lynch said in a report.
'Growth in individual countries is stimulating global growth, via trade and confidence channels. This adds to our confidence in the sustainability of the recovery.'
The market digested much news late in the week as the Organization of Petroleum Exporting Countries (Opec) decided to maintain its production levels as it deemed the market to be 'oversupplied'.
US crude inventories fell by 5.9 million barrels last week, nearly four times more than expected, data from the US Energy Information Administration showed. But petrol stockpiles unexpectedly rose 2.1 million barrels - analysts had forecast a drop of 1.3 million barrels - and distillate stocks, including diesel and heating oil, rose two million barrels.
The global economic downturn has sapped demand for energy, dragging crude prices from record highs of above US$147 in July 2008 to US$32.40 in December. They have since recovered to hover around US$70.
By Friday on London's InterContinental Exchange (ICE), Brent North Sea crude for delivery in October jumped to US$69.80 a barrel from US$66.89 a week earlier.
On the New York Mercantile Exchange (NYMEX), light sweet crude for October rallied to US$71.98 a barrel from US$67.91. - AFP
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