Week Ends with Record for Gold, Losses for Crude Oil

This week was marked by somewhat pessimistic sentiment among investors. Gold, as result, rallied to new highs, posting the seventh straight weekly gain. Crude oil, reacting to pessimism of traders, ended the week with losses, making it the fourth weekly drop.

Concerns about the debt crisis in Europe still persist as the European leaders are unable to reach agreement even after many meetings on this matter. The economy of the US also gave enough reasons for traders to be worried. The resulting uncertainty had its negative impact on other economies across the world. The MSCI All-Country World Index of equities dropped 1.7 percent, heading for the fourth consecutive weekly decline as Morgan Stanley cut estimates for the global growth.

December futures for gold delivery rose $30.20 (1.7 percent) to $1,852.20 as of 13:42 on COMEX after reaching the all-time high of $1,881.40. September contract for crude oil delivery fell $0.12 to $82.26 per barrel on NYMEX, the lowest price since August 9.

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