Record gold, crude prices

Written by Commodities Bureau | Mumbai, Oct 28 | Updated: Oct 29 2007, 08:08am hrs
Crude oil and gold futures prices on the MCX platform moved up a new height on the week ended on Friday, following strong international markets supported by local buying interest. In international markets gold touched a 28-year high early Friday, as gains were fuelled by record-high crude-oil prices and tumbling of the dollar to an all-time low against the euro.

The active November crude oil contract on MCX was higher by Rs 129 or 4% to trade at Rs 3,529 per barrel, after prices rose to Rs 3,607 per barrel in intra trade on Friday. On the New York Mercantile Exchange, crude-oil futures rallied to a new record high on Friday, with worries about US inventories and Middle Eastern tensions sending the benchmark energy contract past $92 a barrel.

The euro touched a record high against the dollar, as growing expectations of a US interest rate cut powered gold and crude. The active MCX October gold contract was higher by Rs 119 or 1% to trade at Rs 9,828 per 10 gram. Gold for December delivery rallied $10.10 at $781.10 an ounce on the New York Mercantile

Exchange. The souring US economy and likelihood of further Fed rate cuts have prompted investors to dump the dollar and add up their gold holdings, an analyst with MAPE Admisi said.