Oil price surges, gold sparkles

The New York oil price soared this week close to a record high on weak US energy stocks, while gold struck the highest level since May 2006.
But many commodities were hit after an unexpectedly weak jobs report in the United States on Friday sent American and European stock markets sliding on concerns about the world's biggest economy, analysts said.
Gold hit its highest level since May 2006, lifted by factors including solid demand, geopolitical and economic jitters, and a weak US currency which makes dollar-denominated goods cheaper for buyers holding stronger currencies.
OIL: New York crude hit 77.43 dollars a barrel on Thursday, close to its record high of 78.77 dollars struck on August 1.
Crude futures had spiked Thursday as news of weaker US energy reserves heightened supply concerns, before dipping Friday on profit-taking.
"Oil prices eased off a little ... with investors pocketing profits after a strong rally this week," Sucden analyst Andrey Kryuchenkov said. "The market is looking firm and could test its record highs," he added.
PRECIOUS METALS: Precious metals leapt higher, led by star performer gold.
Gold prices touched 706.80 dollars per ounce, which was last seen on May 17, 2006, as the metal was also lifted by rebounding demand and ongoing concern about world financial markets.
Gold was also energised by higher crude prices, which increase the risk of inflation. The higher cost of goods and services raise the attractiveness of the precious metal as a defence against the erosion of the value of money.
On the London Bullion Market, gold soared to 701 dollars an ounce at Friday's late fixing, from 672 dollars a week earlier.
Silver jumped to 12.57 dollars an ounce at Friday's late fixing, from 11.95 dollars a week earlier.
BASE METALS: Base metals prices plummeted in line with global stock markets, as investors took flight on fears of lower global demand.
"Base metals ... have no independent direction of their own as equity markets are tracked," said UBS analyst Robin Bahr.
On Friday, the price of copper for delivery in three months tumbled to 7,204 dollars a tonne on the London Metal Exchange, from 7,530 dollars a week earlier.
COFFEE: Coffee prices advanced in London and New York as speculators ploughed back into the market.
SUGAR: Sugar prices were depressed by expectations of a supply surplus alongside high stockpiles in key producer India.
Global sugar production was forecast to outpace demand by 10.8 million tonnes in the crop year ending September 2008, the International Sugar Organization (ISO) has said.
India remains on course to overtake Brazil as the world's biggest sugar producer, according to the ISO.
By Friday on the LIFFE, the price per tonne of white sugar for October delivery nudged down to 275.40 pounds, from 277.40 pounds a week earlier.
On the NYBOT, the price of unrefined sugar for October delivery dipped to 9.43 US cents a pound, from 9.50 cents a week earlier.
GRAINS AND SOYA: Wheat hit an all-time closing high of 8.355 dollars a bushel on both Tuesday and Wednesday.
In recent weeks, wheat has struck fresh highs on fears that crops from key exporters Australia and Argentina have been badly affected by drought.
"Every day brings a new record, and we don't really know where this is going to stop," said one trader.
"The European market is following the rise in the US market, which in its turn is following the European market. It's endless."
Another trader added that supply fears "will persist for as long as it fails to rain in Australia and Argentina."
By Friday on the Chicago Board of Trade, the price of maize for December delivery rose to 3.44 dollars a bushel, from 3.40 dollars a week earlier.
Wheat for December delivery rocketed to 8.22 dollars a bushel, from 7.75 dollars the previous week.
November-dated soyabean meal -- used in animal feed -- advanced to 8.98 dollars, from 8.82 dollars.
On the LIFFE, the price per tonne of wheat for May delivery eased to 176.50 pounds, from 180.00 pounds a week earlier.
RUBBER: The price of rubber rose for a fifth week in a row owing to heavy rain in key producers Malaysia and Thailand.