Oil pumped above $30, but gold plummets

Oil prices touched US$30 for the first time in more than two months this week as speculative buying dominated a market that is…

Oil prices touched US$30 for the first time in more than two months this week as speculative buying dominated a market that is starting to anticipate supply tightness again.

Sporadic Iraqi exports have started to cause concern again, while bad weather in the North Sea held up production there.

But gold prices moved the other way, dipping below US$260 an ounce for the first time since September 1999, as abundant supply and the stronger dollar bore down on prices.

Cocoa prices meanwhile surged to 19-month highs in London amid the threat of strike action at ports in the world number-one producer Ivory Coast.

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AFP