Precious metals soar as dollar weakens

Precious metals prices hit multi-month highs last week as the dollar weakened.
Gold reached 1,170 dollars a barrel on Monday -- the highest level since the start of December.
The price of gold is set to win further support as investors shun struggling currencies, notably the dollar, metals consultancy GFMS predicted on Wednesday.
"Looking ahead, further price gains were thought likely as the investment case was still perceived as strong, with for example all the major currencies now being questioned by investors," London-based GFMS said in its latest annual survey on gold.
The consultancy added that investors were favouring the precious metal over currencies "in large measure due to high and rising levels of government indebtedness, and longer-term inflation threats still a growing issue for some."
It cautioned that "with no immediate reason for fresh investment to flood in, the rally might take a while to materialise."
Gold, for which the two main drivers are jewellery and investment buyers, had smashed a series of records last year on the back of inflationary fears and increasing moves by central banks to diversify assets away from the dollar.
The glamorous precious metal, which is traditionally viewed as a safe-haven investment, hit a record pinnacle of 1,226.56 dollars an ounce on December 3.
By late Friday on the London Bullion Market, gold eased to 1,151.50 dollars an ounce from 1,152.50 dollars the previous week.
Silver grew to 18.34 dollars dollars an ounce from 17.69.
On the London Platinum and Palladium Market, platinum fell to 1,708 dollars an ounce from 1,717 dollars.
Palladium jumped to 532 dollars an ounce from 511 dollars.
Base or industrial metals prices hit the highest levels for more than a year, helped by strong Chinese growth data and tight supplies.
Copper reached 8,043 dollars a tonne -- the highest point since August 2008 -- before profit-taking set in.
By Friday on the London Metal Exchange, copper for delivery in three months fell to 7,885 dollars a tonne from 7,937 dollars a week earlier.
Three-month aluminium climbed to 2,474 dollars a tonne from 2,394 dollars.
Three-month lead inched up to 2,320 dollars a tonne from 2,315 dollars.
Three-month tin grew to 19,150 dollars a tonne from 18,675 dollars.
Three-month zinc advanced to 2,472 dollars a tonne from 2,392 dollars.
Three-month nickel rose to 27,000 dollars a tonne from 25,195 dollars.
Cocoa prices were mixed.
By Friday on LIFFE, the price of cocoa for delivery in May dipped to 2,131 pounds a tonne from 2,138 pounds the previous week.
On the NYBOT, the July cocoa contract stood at 2,912 dollars a tonne compared with 2,865 dollars for the May-expired contract a week earlier.
Coffee prices dipped.
By Friday on LIFFE, Robusta for delivery in July eased to 1,385 dollars a tonne from 1,389 dollars the previous week.
On the NYBOT, Arabica for May traded at 132.10 US cents a pound compared with 134.55 cents for the May-expired contract a week earlier.
Sugar prices climbed for a second week in a row.
By Friday on the New York Board of Trade (NYBOT), the price of unrefined sugar for delivery in July traded at 17.20 US cents a pound compared with 15.99 cents for the May-expired contract the previous week.
On LIFFE, London's futures exchange, the price of a tonne of white sugar for July stood at 503.70 pounds compared with 490 pounds for the May-expired contract.
Grains and soya prices rose owing to weak supplies in the United States.
By Friday on the Chicago Board of Trade, maize for delivery in May firmed to 3.59 dollars a bushel from 3.46 dollars the previous week.