Oil and gold prices closed higher again for the week Friday, mainly after equity markets surged while a weak dollar boosted safe haven appeal of these hot commodities.
Lifght sweet crude for November delivery closed at $76.49 a barrel in Nymex while Brent Sea crude for November delivery closed at $78.87 a barrel in London.
A weak dollar encourages investors to buy oil, which is traded in US currency. Oil prices fell earlier on Friday in Asian trade on worries over weak energy demand due to the faltering US economic recovery.
The precious yellow metal soared to a record high above $1,300 on Friday, dragging sister metal silver to a 30-year peak as investment demand propelled precious metals higher. Silver, meanwhile, jumped to $21.44 an ounce, its highest level since September 1980.
The US stock markets soared on Friday after manufacturing data beat analysts' expectations, raising confidence in the US economic recovery.
The dollar lost altitude throughout the week against the euro and the Swiss franc, accelerating its drop following Tuesday's announcement by the Federal Reserve that it might inject money into the economy if it falters.
COMEX December gold futures settled up $1.80 at$1,298.10 an ounce on the Comex division of the Nymex while spot gold fetched $1,295.60 an ounce, up from the previous session's last trade at $1,293.50 an ounce.
Comex December silver ended up 18.6 cents at $21.399 an ounce, as gold's rallies to record highs triggered strong investment demand for the white metal.
Gold and silver were also driven by particularly keen demand from exchange traded funds.ETFs allow traders to invest money more easily in commodities, without trading on the futures market. They are traded like shares and are widely regarded as an inexpensive and low-risk way of investing.
Lifght sweet crude for November delivery closed at $76.49 a barrel in Nymex while Brent Sea crude for November delivery closed at $78.87 a barrel in London.
A weak dollar encourages investors to buy oil, which is traded in US currency. Oil prices fell earlier on Friday in Asian trade on worries over weak energy demand due to the faltering US economic recovery.
The precious yellow metal soared to a record high above $1,300 on Friday, dragging sister metal silver to a 30-year peak as investment demand propelled precious metals higher. Silver, meanwhile, jumped to $21.44 an ounce, its highest level since September 1980.
The US stock markets soared on Friday after manufacturing data beat analysts' expectations, raising confidence in the US economic recovery.
The dollar lost altitude throughout the week against the euro and the Swiss franc, accelerating its drop following Tuesday's announcement by the Federal Reserve that it might inject money into the economy if it falters.
COMEX December gold futures settled up $1.80 at$1,298.10 an ounce on the Comex division of the Nymex while spot gold fetched $1,295.60 an ounce, up from the previous session's last trade at $1,293.50 an ounce.
Comex December silver ended up 18.6 cents at $21.399 an ounce, as gold's rallies to record highs triggered strong investment demand for the white metal.
Gold and silver were also driven by particularly keen demand from exchange traded funds.ETFs allow traders to invest money more easily in commodities, without trading on the futures market. They are traded like shares and are widely regarded as an inexpensive and low-risk way of investing.
