Oil price closes in on $100, gold hits $800
Crude oil prices broke fresh record highs this week, surging above 96 dollars a barrel for the first time, on worries about tight global energy supplies.
Gold futures soared above 800 dollars an ounce, a feat last achieved in 1980, as the precious metal benefited from a sliding dollar and historically high oil prices.
Oil: The price of oil soared to new dizzy heights after news of tumbling crude reserves in the United States, the world's biggest energy consumer.
The market was also roiled by geopolitical tensions between Turkey and crude producer Iraq.
New York's light sweet crude hit a record high of 96.24 dollars per barrel on Thursday. On Friday, Brent North Sea crude struck an historic peak of 91.87 dollars.
"It is clear that the market has 100 dollars a barrel in its sights and this landmark is set to be breached before year end," said Bank of Ireland analyst Paul Harris.
Traders are concerned about tight global energy supplies heading into the northern hemisphere winter.
However, losses were limited by the falling US currency.
By Friday, New York's main oil futures contract, light sweet crude for delivery in December, shot up to 94.67 dollars a barrel, from 91.10 dollars a week earlier.
Precious Metals: The price of gold passed 800 dollars an ounce for the first time since 1980.
"Record oil prices and multi-year lows for the dollar continue to create the perfect bullish recipe for gold," said James Moore, an analyst at TheBullionDesk.com.
Gold futures for December touched 800.80 dollars an ounce in New York on Wednesday.
Prices have jumped by about a third in value over the past year. The precious metal benefits from a weak US currency as it makes commodities that are priced in dollars cheaper for buyers using stronger units.
Gold's all-time record high price stands at 850 dollars an ounce, which was reached on January 21, 1980.
Silver prices advanced to 14.32 dollars an ounce at Friday's late fixing, from 14.07 dollars.
Base Metals: Base metals prices were mixed amid worries that demand for commodities such as copper and aluminium will drop owing to cracks in the US economy.
Sugar: Sugar prices resumed their fall owing to expectations of large supplies. Losses were limited, however, by soaring crude oil prices.
Sugar cane is used to produce ethanol, a cheaper biofuel alternative to gasoline or petrol.
By Friday on the LIFFE, the price per tonne of white sugar for December delivery dropped to 282.50 pounds, from 288.10 pounds a week earlier.
Grains And Soya: Maize prices rose owing to record high oil prices. The commodity is used in the production of fuel which is cheaper than crude.
"Next week, we will be following the energy market again," Allendale analyst Joe Victor said.
By Friday on the Chicago Board of Trade, the price of maize for December delivery rose to 3.76 dollars a bushel, from 3.72 dollars a week earlier.
Wheat for December delivery fell to 7.83 dollars a bushel, from 8.00 dollars.
January-dated soyabean meal -- used in animal feed -- gained to 10.17 dollars, compared with 10.13 dollars last week for the November contract.
Wool: The price of wool dropped further in major producer Australia as the local currency built on strong gains being won against the US dollar.
A strong Australian dollar makes wool more expensive for buyers using weaker currencies, which in turn hurts demand abroad.
However prices losses were limited by some strong buying, the Australian Wool Industries Secretariat said.
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