Dhaka, Bangladesh (BBN) - Crude oil started the week around US$ 80 a barrel, as an upward revision in U.S. gross domestic product for the fourth quarter helped revive sentiment.
On Thursday crude prices rose above $ 80 a barrel in the New York Mercantile Exchange as a weaker USD and positive economic sentiment outweighed a US Government report showing a large rise in crude inventories.
Gold price rose towards $ 1,120 an ounce on Friday, posting its first monthly gain since November, as the metal benefited from economic uncertainties and signs that US interest rates would remain low in the near term, according to reports.
The EUR’s recovery against the US$ and easing worries about the Greek debt crisis also increased the bullion’s appeal. Towards the end of the week, gold rose above $1,144 an ounce, a six-and-half-week high, before closing the week around $ 1,134 level.
BBN/SS/SI/AD-05March10-10:51 pm (BST)