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Sunday, January 22, 2006

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Gold sparkles, oil prices soar on global tensions
1/22/2006
 

          LONDON, Jan 21 (AFP): Gold prices hit another 25-year high this week, while oil prices raced to four-month peaks on supply fears stoked by tensions from Iran, Nigeria and the purported new al-Qaeda threat to the United States.
Metal prices mostly jumped higher on soaring investment demand, with platinum, copper, lead and zinc striking historic records and aluminium at a 17-year high.
Sugar reached levels not seen for over 24 years, while cocoa rallied to a fresh ten-month high point in London.
Lifted by increased demand, the Commodities Research Bureau's index of 17 commodities hit a record Friday of 345.16 points - - the best level since its creation in 1957. That compared with 334.86 the previous week.
GOLD: Gold prices struck 568.10 dollars per ounce Friday, the highest level since January 1981, profiting from massive investment demand amid simmering global geo-political tensions.
On the London Bullion Market, gold prices soared to 567.25 dollars per ounce at Friday's late fixing from 548.25 dollars the previous week.
SILVER: Silver prices pushed higher in the wake of gold and approached an 18-year high before running into profit-taking.
In Tuesday trading, silver neared 9.30 dollars per ounce, a level last seen June 1984. Silver shot higher "before the market went into profit taking mode", Moore said.
On the London Bullion Market, silver prices rose to 9.08 dollars per ounce at Friday's fixing, from 9.01 dollars the previous week.
PALLADIUM AND PLATINUM: Enthusiastic buying from investment funds sent platinum prices to a historic peak, while palladium firmed.
Platinum hit a record 1,051.50 dollars per ounce Tuesday.
The metal has gained 8.0 per cent since the start of the year.
Demand for the metal, used in jewellery and catalytic converters for automobiles, has jumped as investors sought refuge for funds amid tensions caused in part by Iran's disputed nuclear programme.
On the London Platinum and Palladium Market, an ounce of platinum rose to 1,045 dollars per ounce at the late fixing Friday, from 1,027 dollars the previous week. Palladium reached 278 dollars per ounce, from 273 dollars previously.

 

 
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