Crude oil and gold futures prices on the MCX platform rose to new highs on the week ended on Friday, with global gold prices reaching to the highest level since 1980, after crude oil also reached a record level, and the dollar fell to the lowest ever against the euro, boosting the appeal of the precious metal as a hedge against inflation.

Nickel prices firmed up further on some support at the lower levels. On the other hand, copper and zinc futures prices reacted at the higher level on the domestic platform, following the weak overseas markets on weak demand coupled with rising warehouse stocks in London.

Crude oil breached $90 a barrel in New York for the first time, as the dollar traded near a record low against the euro, enhancing the appeal of commodities as an investment, supported by tension between Turkey and Northern Iraq. The active November crude oil contract was higher 6% to trade at Rs 3,459 per barrel. Crude oil for November delivery rose to $90.07 a barrel on the New York Mercantile Exchange, the highest since trading began in 1983.

The Organization of Petroleum Exporting Countries (OPEC) agreed last month to produce an extra 5 lakh barrels a day starting on November 1, 2007 to meet rising demand. World oil consumption peaks in the fourth quarter, when refiners make heating fuel for winter.

The active October gold contract was higher by 2% to trade at Rs 9,869 per 10 gram. The total Open Interest was up at 9,871 kg. London gold rose to a 27-year high of $771 an ounce on speculation the US Federal Reserve will cut interest rates this month, spurring demand as an alternative investment to the dollar. However, the active December silver contract was down Rs 55 to trade at Rs 18,378 per kg.

The active November copper contract was down by Rs 10 or 3% to trade at Rs 309.85 per kg. The Open Interest was also down 12,723 tonne. Copper for delivery in three months on the LME added $10 to $7,870 a tonne in London.

The active October Nickel contract was up Rs 4.20 to trade at Rs 1,294.30 per kg. The Open Interest was up at 1,015 tonne. The active October zinc contract was down 5% to trade at Rs 119.35 per kg. Total Open Interest was 34,405 tonne.