Oil, gold end higher in world stocks
Gold and oil prices closed higher for the week ended Dec 17, despite a strong dollar, on Europes fiscal crisis that boosted demand for the metal as a haven.
New York’s main contract, light sweet crude for January delivery, gained 32 cents to close $88.02 a barrel while Brent crude for delivery in February climbed seven cents to close at $91.67 a barrel in London trade.
However analysts said oil may decline next week on speculation that the U.S. Energy Department will report an increase in supplies after the biggest drop in more than eight years in this weeks data.
Gold for immediate delivery was bid at $1376.80 an ounce in late trade while US gold futures for February delivery were also up, gaining $8.20 to $1379.20 per ounce.
The dollar rose slightly against the euro on Friday as positive German economic data failed to offset concerns over the eurozone economy after a huge ratings downgrade for Ireland and more problems in Spain.
A stronger US greenback makes dollar-traded commodities such as oil more expensive for buyers holding rival currencies.
Silver futures for March delivery rose 35.1 cents, or 1.2 percent, to $29.133 an ounce on the Comex, up 1.8 percent for the week. The metal has gained 73 percent this year.
Gold hits record high in International market
LONDON: Gold rose back above $1,060 on Tuesday as more investors overlooked a dollar rally and responded positively to news the International Monetary Fund sold 200 tonnes of gold to India’s central bank.
Spot gold was quoted at $1,062.00 an ounce, up from $1,059.15 quoted late in New York on Monday. Earlier on Tuesday, the metal hit a near two-week high of $1,066.15, within sight of the October 14 record high of $1,070.40.
“The IMF (news) is bullish but look at copper prices, look at the euro dollar, look at stock markets, it’s very impressive gold can actually rally given all other risky assets are falling,” said senior commodity strategist at Societe Generale Jesper Dannesboe.
The IMF said on Monday it had sold 200 tonnes of gold to India for $6.7 billion. Although an IMF gold sale had been flagged for some time, it lifted some uncertainty from the market by helping soak up supply.
US gold futures for December delivery rose $9.40 an ounce to $1,063.30 on the COMEX division of the New York Mercantile Exchange. Last month, futures hit a record $1,072 an ounce.
Gold hits record high in International market was first posted on November 4, 2009 at 10:14 am.
