Geopolitical tensions continue to provide reasons to be positive on gold, with deteriorating situations in both Iran and Iraq, while the possibility of Israel’s Prime Minister Ariel Sharon not returning to office causes concerns over the Middle East peace progress, said Barclays Capital analyst Yingxi Yu.

Gold was benefiting from its safe-haven status, with investors ploughing funds into the market to safeguard their money against creeping inflation in the United States.

The price of gold had gained 18.0 per cent in value during 2005.

On the London Bullion Market, gold prices rose to $548.25 per ounce at Friday’s late fixing from 535.25 dollars the previous week.

SILVER: Silver prices rose slightly to maintain a position above $9.0 per ounce after gains by gold and base metals.

At the moment I think silver is at more risk of a correction lower in the short term, said James Moore, an analyst with the specialist website TheBullionDesk.com.

Silver had Monday hit $9.26, just below an 18-year peak of $9.27 reached in mid-December.

On the London Bullion Market, silver prices rose to $9.01 per ounce at Friday’s fixing, from $8.83 the previous week.

PALLADIUM AND PLATINUM: Platinum prices hit the best level for almost 26 years this week, while palladium prices firmed.

The price of platinum fired higher on Friday, hitting $1,030.50 per ounce — the highest level since March 1980.

Fund enthusiasm in platinum is supported by the bullish mood in gold, said Yu, adding that the metal was also lifted by strong demand and limited supply.

On the London Platinum and Palladium Market, an ounce of platinum rose to $1,027 per ounce at the late fixing on Friday, from $993 the previous week.

Palladium reached $273 per ounce, from $267 previously.

BASE METALS: Copper, lead and zinc prices hammered historic highs thanks to keen investment demand, while aluminium also soared.

On Tuesday, copper hit a historic $4,630 per ton — the highest since copper was first listed in its current format in 1870.

The price of copper, used for electrical wiring and plumbing, had leapt by some 50 per cent during 2005.

Lead and zinc smashed records on Friday, striking $1,215.15 per ton and $2,079 per ton respectively.

Aluminium hit a 17-year high the same day of $2,395 per ton.

Supply concerns continue to portray a bullish scenario for the (base) metals that has attracted a lot of fund interest, noted William Adams, analyst with specialist website BaseMetals.com.

On Friday, three-month copper prices on the London Metal Exchange jumped to $4,562 per ton from 4,436 dollars the previous week.

Three-month aluminium prices soared to $2,378 per ton from $2,279.

Three-month nickel prices gained to $14,800 per ton from $14,325.

Three-month lead prices climbed to $1,190 per ton from $1,085.50.

Three-month zinc prices leapt to $2,053 per ton from $1,943.50s.

Three-month tin prices climbed to 6,875 dollars per ton from $6,675.

OIL: Crude prices steadied over the week after hitting three-month highs on Thursday, owing to fears of supply disruptions in major oil producers Iran and Nigeria.

New York’s main contract, light sweet crude for delivery in February, struck $65.05 the highest point since October 3, before succumbing to profit-taking.

Crude futures had Thursday climbed to three-month peaks on concern Iran, the world’s fourth biggest exporter, would cut supply if it is referred to the UN Security Council over the restart of its nuclear enrichment programme.

Those fears were exacerbated by growing tensions in Nigeria, where Anglo-Dutch energy giant Shell said it was losing some 226,000 barrels per day after a major pipeline was sabotaged and four foreign oil workers abducted.

In London, a barrel of Brent North Sea crude for delivery in February firmed to 62.51 dollars late Friday, from 62.43 dollars the previous week.

In New York, a barrel of crude for delivery in February eased to 63.45 dollars from 63.90 dollars.

RUBBER: Rubber prices gained as rain hampered output in major producer Thailand.

The rubber market in particular is being led by very poor supply fundamentals. Continued protracted rains... have not given stocks a chance to build, said Rashid Ahmed, a trader with Corrie MacColl.

On TOCOM, Tokyo’s commodity exchange, natural rubber for February delivery climbed to 213 yen on Friday, from 204.30 yen from the previous week.

Singapore’s RSS 3 March contract rose to 185.50 cents on Friday, from 175 cents one week ago.

COCOA: Cocoa prices eased slightly, with short-term speculators dominating trade, Sucden analysts said.

The price of cocoa in London had hit 930 pounds per ton on January 4, the best level since June last year. The same day, New York prices had struck $1,548 per ton, the highest level since September 2005.

On the LIFFE, London’s futures exchange, the price of cocoa for March delivery eased to 900 pounds on Friday, from 908 pounds a week earlier.

On the New York Board of Trade (NYBoT), the March contract firmed to $1,520 per ton on Friday, from $1,525.

COFFEE: Coffee prices hit the highest point for seven months in New York, before succumbing to profit-taking, which hit prices also in London.

New York Arabica futures have gained ground recently on fund buying as interest in commodities in general continues to grow, Sucden analysts said.

Arabica struck 121.60 cents per pound on Monday, the highest peak since June 2005.

Robusta quality coffee had reached a seven-month high $1,275 per ton in London the previous week.

On LIFFE, Robusta quality for March fell to $1,228 per ton on Friday, compared with $1,240 a week earlier.

On NYBoT, Arabica for March delivery stood at 119 cents per pound on Friday, from 116 cents.

SUGAR: Sugar prices traded close to multi-year high points in New York on continued speculative buying, while prices fell strongly in London.

Prices had hit highest level for 11 years in New York and a nine-year record in London the previous week.

By Friday on LIFFE, the price of a ton of white sugar for March delivery fell to $334.50, from $359 the previous week.

On NYBot, the price of unrefined sugar for March delivery advanced to 15.04 US cents per pound on Friday, from 14.92 cents.

GRAINS AND SOYA: Soya and grain prices retreated as rains returned to leading exporter Argentina.

Next week, investment funds will continue to monitor changing weather patterns in Argentina and southern Brazil, according to Victor Lespinasse, analyst with AG Edwards.

Rainy weather is favourable to crop growth, but increased supply results in falling prices.

On the LIFFE, the price of a ton of wheat for March delivery dipped to 70 pounds late Friday, from 71.90 pounds a week earlier.

On the Chicago Board of Trade, the price of wheat for March delivery fell to US$3.345 per bushel on Friday, from $3.373.

Maize for March delivery slid to $2.13 per bushel Friday, from $2.148.

March-dated soyabean meal — used in animal feed — slipped to $5.71 per ton, from $6.18.

COTTON: The price of cotton advanced.

Speculative interest could drive New York prices beyond 56 cents in the coming weeks, said Fimat analyst Philippe Pesque.

On the New York Cotton Exchange (NYCE), the March contract rose to 55.44 US cents per pound on Friday, compared with 54.69 cents a week earlier.

The Cotton Outlook Index of physical cotton stood at 58.90 cents on Thursday, from 58.10 cents the previous week.

WOOL: Prices rose, climbing despite subdued demand as the wool market cranked back into action following a lengthy festive holiday.

The Australian wool market finished this week on a positive note with prices 2.1 per cent higher, on average, when sales resumed... after the Christmas break, the Australian Wool Industries Secretariat said.

The market in Australia — the world’s biggest wool exporter — had shut mid-December for the holidays. It reopened on January 9.

The Australian Eastern index stood at 6.45 Australian dollars per kilo on Thursday, compared with 6.33 Australian dollars per kilo on Thursday December 15.

The British Wooltops index, meanwhile, stood at 390 pence on Thursday, compared with 396 pence the previous week.—AFP