Gold rose on Friday to the highest level since 1980 as the U.S. dollar scavenged new lows against the euro and oil prices headed near record territory.
Commodities were set to end the third quarter with substantial gains, despite a bumpy ride through August when concerns about the availability of credit roiled financial markets. Crude prices rose on Friday, while industrial metals and agriculture futures traded mixed.
Meanwhile, gold breached $750 an ounce as investors sought shelter in precious metals from the inflationary signs of rising oil prices and a weakening dollar. The dollar's decline against the euro has been precipitous this week, as the greenback has slid to a fresh low for seven straight trading days. On Friday, the European currency purchased a record $1.4207.
We have two obligatory weddings in the UK next year, April and September, if things on the exchange rate front don't improve it is going to be to mean very lean trips to the UK next year. One of the weddings is going to require a couple of nights in a hotel but the September one should be staying with the mother and father of the bride and basically free. Anyhow, the exchange rate is going to be very painful.