New record for gold; base metals, oil also see gains

Gold hit yet another new record high on Monday as the US dollar fell to near record lows versus the euro.

Futures were as high as $915.90 per troy ounce, while near the close of floor trade in New York, February gold contracts traded at $903.40 per troy ounce, still a gain of $5.70 on the session.

Other precious metals followed gold higher, with March silver adding 6 cents to $16.43 per troy ounce while April platinum jumping $14.60 to $1,584 per troy ounce.

Base metals prices followed precious metals higher on the session

March copper gained 4 cents to $3.34 per pound in New York, while three-month copper in London ended the session up $100 to $7,400 per tonne.

Zinc added $6 to $2,396 per tonne while aluminium was up $34 to $2,548 per tonne, lead gained $105 to $2,735, and nickel jumped $650 per tonne to $29,300 per tonne.

Crude oil prices were higher on comments from US President George W. Bush concerning Iran and its alleged support of militants and after Shell (LSE: RDSA, RDSB) declared force majure on some exports from Nigeria after a pipeline attack last week.

West Texas Intermediate crude for February delivery was up $1.46 to $94.15 per barrel just before the close of floor trade in New York, while Brent crude was up $1.86 to $92.93 per barrel on the ICE Futures Europe exchange in London.

Nymex February gasoline and heating oil were each added 4 cents higher, to $2.36 per gallon and $2.58 per gallon respectively.

March natural gas was 9 cents higher to $8.27 per million British thermal units.

Among grains, March corn on the Chicago Board of Trade was up by its 20 cent limit to $5.15 per bushel, a new record, during the session on the possibility that global demand will exceed supply as its use in the manufacture of biofuel and livestock feed grows.

Later in the session, the March corn contract dropped back to $5.11 per bushel, still a gain of 17 cents.

March CBOT wheat was also higher, adding 7 cents to $9.17 per bushel, but March soybeans in Chicago fell 2.25 cents to $12.96 per bushel.

Story link: New record for gold; base metals, oil also see gains