Gold hits record high; Crude trades around $80/bbl

Gold futures rose to a record high of above USD 1,150 an ounce as stronger-than-expected US consumer prices stirred inflation worries.

The Dollar fell against the Euro on Wednesday as dealers took profits on the currency's biggest rise in three weeks. The dollar index is currently at around the 75 mark.

Crude prices rose almost 1% to trade around the USD 80 a barrel mark on the back of a drop in US oil and fuel inventories. The declines came after Tropical Storm Ida forced oil and natural gas companies to shutter production facilities in the Gulf of Mexico last week. Crude is currently trading at USD 79.9/bbl.

Copper rallied to the highest level in 14 months, the metal was up almost a percent. In other metals, Aluminium rose to a three-month high and Zinc was at a 3-week high. Nickel and Tin were up 1% each.

By Manisha Gupta, Commodities Editor at CNBC-TV18

Gold

Gold made a record high at $1153/ounce.

Crude

Nymex Crude futures went up on weak dollar and decline in inventories. It was up 0.5% at $79.58/bbl and touched high of $80.33/bbl on Wednesday.

Base metals

Base metals ended off highs on weak housing starts. US new home construction was down 10% in October.

Copper ended at 14-month high and was up 0.8% at $6880/tonne.