Gold hits a record high; Crude trades around $78/bbl

Gold has hit a record high above $1160/ounce on the back of weak dollar, inflation concerns and Economic uncertainty. Comex expiry is due today. Thin trading was seen as Japanese markets shut today.

The Dollar's strength was another trigger for the weakness on the Wall Street on Friday. It rose as risk tolerance declined.

In commodities, Oil recovered slightly after falling nearly a percent on Friday. Dollar's strength and weak equities were key triggers. Crude is currently trading at $ 78.2/bbl.

Most of the base metals have clocked in modest gains.

By Manisha Gupta, Commodities Editor at CNBC-TV18

Dollar index

Dollar Index gained 0.4% last week. It has fallen in Asia trade today.

Crude

Nymex Crude January futures ended off 1-week lows. It gained 1% to $78.14 on Friday. It has been trading at $75-82/bbl for past five weeks.

Gold

Gold has hit a record high above $1160/ounce on the back of weak dollar, inflation concerns and Economic uncertainty. Comex expiry is due today. Thin trading was seen as Japanese markets shut today.

Copper

Copper gained 5% last week on supply concerns from Chilean strike. One should watch out for Chinese October trade and European manufacturing.

Soybean

Soybean was trading at 3-month high at $10.46/bushel. Strong US exports and firm Chinese demand helped the commodity.

Sugar

Global production of sugar estimated at 159.9 mt while World consumption at 167.1 mt.