Mining World

Gold rose above $1 000 on Friday as the precious metal continued to benefit from a weaker dollar amid growing risk appetite and inflation fears due to stronger oil prices.

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Oil fell on this past week, adding to losses that set prices down in the biggest weekly decline since late January as economic concerns sent investors seeking safer havens.

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Commodity prices tumbled, led by grains and energy, as the slumping global economy continued to slash demand for raw materials.

The Reuters/Jefferies CRB Index of 19 prices slid 4.1 percent. Corn, soybeans and wheat plunged the most allowed by the Chicago Board of Trade, crude oil fell below $38 a barrel and gold declined the most in six weeks.

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Gold futures fell sharply Monday on fund liquidation, reaching their lowest point in nearly a month as sinking crude, a rising dollar and technical selling weighed on the metal.

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 Gold for February delivery finished down $34 at $821 an ounce on the Comex division of the New York Mercantile Exchange, the lowest closing level since Dec. 12. It dropped to $817.10 earlier. The metal ended last week’s trading down for the first week in five, falling 2.8%.

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Oil and gold fell on Tuesday as a rising dollar encouraged traders to take profits from a recent rally, while copper rose for a third day as the tentative return of risk appetite played out selectively in commodities.

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Gold prices fell as lower energy costs and a rally by the dollar reduced the appeal of the precious metal as an inflation hedge. Silver also dropped.

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Gold’s inaugural 2009 session got off to an initially firm but later difficult start overnight, as a major decline in crude oil and a decent rise in the dollar created less than auspicious conditions for continued advances towards the $900 level. The greenback rang in the new year with an advance against the euro, which was retreating following an 11 year low reading in manufacturing activity. Moreover, the single currency faces the start of its second decade of life beset with challenges.

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Oil and gold prices fell sharply on Friday as commodity markets made a weak start to 2009 following their worst ever losses last year. Industrial metals, however, bucked the trend with nickel soaring almost 16 percent on buying ahead of an annual rebalancing by major commodity indices.

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Crude oil fell in New York as some traders viewed a rally of 14 percent at the end of last year as excessive amid slumping demand.

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Long oil Exchange Traded Commodity (ETC) inflows rose by $97million last week, the largest rise since oil ETCs were first listed in 2005, highlighting the increasingly bullish investor stance towards oil as the oil price has dropped below the $40/bbl level, ETF Securities said in a report.

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Oil prices would recover in the second half of 2009 and are likely to reach $75 a barrel in early 2010, OPEC Secretary-General Abdullah al-Badri said in remarks published on Wednesday.
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