Crude oil and gold futures markets continued to move upward on the week ended on Friday at the MCX platform mainly on strong overseas markets due to weak dollar supported by sustained buying from operators and general investors.

Spot gold rallied $12 overnight on Friday as the euro climbed to a fresh record high of $1.4966 against the US dollar. However, copper and zinc failed to sustain at the higher level amid reports of rising Chinese stockpile. Zinc futures fell sharply by about 9% over previous week on continued selling in the domestic market.

The active December crude oil contract was higher 2.53% to trade at Rs 3,797 per barrel. The open interest was 12.76 lakh barrels, up by about one lakh barrels. Crude oil traded at $96.53 per barrel in New York, as the tumbling dollar made crude cheaper for foreign investors.

?I think there?s still enough momentum out there to finally make the push for $100 a barrel,? said Simon Wardell, energy research manager with Global Insight in London.

?If the dollar slide continues, getting to three figures before the year is out is all but inevitable.?

The active December gold contract was higher 2.30% to trade at Rs 10,287 per 10 gram. Total open interest was 8,664 kgs, down by 1060 kgs over previous week. Spot gold was trading up at $812 an ounce, after hitting a day-high of $815.60.

The active November zinc contract was down 8.9% to trade at Rs 89.50 per kg on rising inventories. Total open interest was 35,225 tonne, down from 43,165 tonne.

Report that China is likely to remove a 5% tax rebate on exports of super-high-grade refined zinc from January, while zinc output in the country rose 19% in the first nine months of this year.

?The risks to the downside in base metals are mounting as US demand continues to fall while worries emerge over Chinese demand in coming months,? Goldman Sachs said in a report.

The active November copper contract was down 3.6% to trade at Rs 261.85 per kg. The open interest was 13,922 kgs, down from previous week.

Base metals, oil and gold are all dollar stories, and for gold and oil the dollar is the main factor. For base metals, fundamentals — demand in the US and China and the supply situation — currently have more influence, Mark Pervan, senior commodities analyst at ANZ Bank said.