Gold futures prices finished US$5.10 higher at US$792.60 an ounce on Oct. 29. The precious commodity is now nearing its record peak of about US$850 per ounce. A dollar slump and high crude oil price prompted traders and investors to enter the bullion market.
Ditto with its white counterpart, the platinum, which is fast-approaching US$1,500 per ounce. The white precious metal closed at US$1,465.50 per ounce on the same day.
Meanwhile, the so-called “black gold” has also been on the rise and already set record prices over the last two weeks. Last Oct. 29, crude oil already reached the crucial US$93 per barrel level at the New York Mercantile Exchange (NYMEX) due mainly to geopolitical tensions. It hit an intraday record of US$93.80 per barrel, before settling at US$93.53 per barrel.
On the other hand, Dubai crude, the benchmark use by the Philippines, lagged a bit behind as it closed at US$84.52 per barrel on Oct. 30.
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