Gold and oil prices closed higher for the week ended Dec 17, despite a strong dollar, on Europe’s fiscal crisis that boosted demand for the metal as a haven.
New York's main contract, light sweet crude for January delivery, gained 32 cents to close $88.02 a barrel while Brent crude for delivery in February climbed seven cents to close at $91.67 a barrel in London trade.
However analysts said oil may decline next week on speculation that the U.S. Energy Department will report an increase in supplies after the biggest drop in more than eight years in this week’s data.
Gold for immediate delivery was bid at $1376.80 an ounce in late trade while US gold futures for February delivery were also up, gaining $8.20 to $1379.20 per ounce.
The dollar rose slightly against the euro on Friday as positive German economic data failed to offset concerns over the eurozone economy after a huge ratings downgrade for Ireland and more problems in Spain.
A stronger US greenback makes dollar-traded commodities such as oil more expensive for buyers holding rival currencies.
Silver futures for March delivery rose 35.1 cents, or 1.2 percent, to $29.133 an ounce on the Comex, up 1.8 percent for the week. The metal has gained 73 percent this year.
source: www.dunyanews.tv
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