08-11-2010
MARKET WRAP
- Gold,silver hits record high
- Dollar firms, briefly capping commodities' gains
- U.S. crude oil futures rose for a fifth day on Friday
- Copper rose slightly on Friday
Gold hit a record peak on Friday and industrial metals and oil pushed higher as
investors took a surprisingly robust U.S. jobs report as a hint that the economy was in better shape than previously thought. The U.S. currency gained against its major rivals after the data showed nonfarm payrolls increased for the first time since May, slightly curbing commodities gains. Dollar weakness, which makes dollar-denominated commodities cheaper for foreigners to buy. Copper rose slightly on Friday and posted its biggest weekly gain in more than three months on support from a weak dollar outlook, surprisingly strong U.S. labor data and a strike in top-producer Chile. U.S. crude oil futures rose for a fifth day on Friday and posted the highest close in two years, aided by the stronger-than-expected increase in U.S. jobs, but a rally in the dollar limited oil's gains.