Dhaka, Bangladesh (BBN)- Gold price started the week on Friday at US$ 1,421.40 per ounce, notching up its strongest annual performance since 2007, driven by global economic uncertainty.
But it dipped sharply on Monday and Tuesday due to a broad sell-off in commodities as a stronger US$ pressured prices to US$ 1,372 on Tuesday, a weekly review report said.
On Thursday, prices dipped to a three-week low of US$ 1,363.80 as upbeat U.S. employment data dented safe-haven appetite. US crude oil prices hit a 26-month high over US$ 92 a barrel on Friday, on expectations that the economic recovery will drive demand growth in 2011.
But prices slid below US$ 90 level on expectations that fuel demand will ease after the approaching peak of the Northern Hemisphere heating season, slowing the drain of U.S. stockpiles. However, Oil prices bounced back on Wednesday as unexpectedly big gains in U.S. private sector jobs spurred optimism the economy was recovering at a faster pace.
BBN/SI/AD-08Jan11-8:30pm (BST)
