November 28, 2008
Gold prices rose, but other precious metals and agricultural commodities dropped Friday as Wall Street added to its gains this week, while oil prices were mostly flat.
- A d v e r t i s e m e n t
Commodities prices have correlated strongly with equities in recent weeks, as the buck and Treasurys lured spooked investors from stocks and commodities. Markets are afraid that a weak economy will curb demand for raw materials needed for industry and consumer goods.
But Wall Street finished its week up sharply, in its biggest five-day rally in more than 75 years. The Dow Jones industrials and the Standard & Poor’s 500 index finished higher for the fifth straight session. It was the Dow’s first five-day streak of gains since July 2007.
Gold for February delivery rose $7.70 to settle at $819 an ounce on the New York Mercantile Exchange.
Other precious metal prices dropped. March silver fell 3.9 cents to $10.250 an ounce, while March copper futures fell 4.2 cents to $1.6495 a pound.