Precious metals lost some of its shine amid profit booking at higher levels, Gold prices fell below $1,050 an ounce in Europe on Friday as the dollar index recovered early losses and equity markets retreated after third-quarter results at major US banks disappointed some investors. Despite the ever high gold prices, Indians have ignored the price factor and continued to buy the yellow metal on the auspicious day of Dhanteras. Around 15 tonnes of gold were sold off in a single day across India on Thursday, though the prices for a ten gram gold cost at Rs 15800 as against Rs 12070 per 10 gram in the previous year.
Crude oil surges to a one-year high level on the New York Mercantile Exchange (NYMEX) over USD 78 per barrel. Rise in crude oil prices would result in higher realizations from crude sales for oil explorers. Light sweet, crude down by USD 1 or to USD 77.15 per barrel on the NYMEX on Thursday after US government data showed heavy draw down in gasoline inventories last week, even today prices are facing some correction amid profit booking at higher levels.
The International Energy Agency (IEA) on 9 October 2009 raised its forecast for global oil demand for the current year and for the next year citing more optimistic economic prognoses and stronger preliminary data from America and Asia.
Copper eased on Friday as rising inventories and persistent worries about metals demand offset improving U.S data and rallying equities. Labour disputes and negotiations are becoming increasingly important, as workers at Chile's Spence copper mine continued their strike, which has hurt output at the BHP Billiton unit.
