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Gold futures on the New York Merc’s COMEX hit a fresh record high above US$1,150 Wednesday as the USD weakened. Silver finished a plus a bit, but platinum finished off a bit. The most active Gold contract for December delivery rose US$1.80 to finish at US$1,141.20 oz. Earlier in the session, the precious metal soared above US$1,150 for the 1st time and touched US$1,153.40 on the high. The USD declined Wednesday as a US Fed official said that interest rates may not rise until 2012 from the record low level near zero. The Dollar index, a gauge measuring the Greenback’s value against other major currencies, lost more than 0.3% to 75.205 when Gold pit trading closed, but the USD’s recovery in late session forced the yellow metal South. December Silver was up 2.8 cents to US$18.415 oz. and January Platinum lost US$10.50 to end the trading session at US$1,452 oz. Read more

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Crude Oil prices gained over 3% Monday, as the major US market indices rallied and touched a new 2009 high. Light, sweet Crude Oil for December delivery rose US$2.55, or 3.3%, to settle at US$78.90 bbl on the New York Merc. US stocks rose, with the DJIA surpassing 10,400 during the session, as retail sales rebounded more than expected in October, giving Crude Oil and Gold a healthy boost North. Meanwhile, the USD fell against a basket of currencies, helping commodities to extend gains In London, Brent Crude for January delivery gained US$2.45 to settle at US$78.76 bbl on the ICE Futures exchange. Read more

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USD rose a bit against most major currencies Tuesday as some investors took profits after the Greenback’s declines in the previous session. On a weekend meeting held in Scotland, the G-20 policymakers agreed to maintain support for the economic recovery and failed to address the dollar appreciation issue. That action drove the US currency lower Monday, with the dollar index falling to its lowest level since August 2008. The USD took a break Tuesday on profit-taking and short-covering ahead of the Veterans Day Holiday. But savvy market observers believe that the USD will remain under pressures on the carry trade action. (Note: In carry trades, investors sells a currency with a relatively low interest rate and uses the funds to purchase a different currency or commodity yielding a higher interest rate.) There are indications that the USD is now serving as the funding currency for carry trades, said the International Monetary Fund in a report released last Saturday. Read more

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The USD pulled back against major currencies Tuesday on profit-taking and speculations on US Federal Reserve meeting. The Fed began its two-day monetary policy meeting Tuesday and will announce rate decisions today. The central bank is widely expected to leave Key rates unchanged at historic low level, and its statement after the meeting would be fundamentally same with previous statements. If the statement is in line with expectations, it means that the Fed would keep its ultra-loose monetary policy for a while, increasing pressures upon the dollar. Any unexpected signal could spark big fluctuations in currency market. It was reported that US is proposing a broad new economic framework to tackle global economic imbalances on the G- 20 financial summit due later this week. Read more

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The USD continued falling against major currencies on Thursday amid better-than-expected employment data and rising US stocks. US Initial Jobless claims fell to 550,000 last week from 576,000 in the previous week, the Labor Department reported on Thursday. Analysts have expected the claims would fall to 560,000. Total continuing claims fell to 6.088 million, their lowest level since April. US trade deficit jumped 16.3 percent in July, according to the Commerce Department. Imports surged 4.7 percent, mainly due to sharp increases in crude oil and automotive products. Exports rose by 2.2 percent, the third consecutive month of solid gains in exports, corroborating other evidence that the global economy is picking up steam. The increase in the trade deficit should be viewed as a positive development, said analysts of Global Insight. Read more

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