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NEW YORK: An important oil price benchmark topped US$100 per barrel on Monday for the first time since 2008, as investors kept an anxious eye on Egypt and worried about unrest there disrupting the flow of oil from the Middle East.
GOLD prices climbed to a high of 1379.20 and dropped to 1337.40 last week and headed for a third straight weekly loss.
GOLD moved in a narrow range until the later part of the week when investors sold off the medal in exchange for buying US equities.
LAST week, gold prices toppled and experienced the largest weekly loss in more than seven months.
GOLD broke the 1400 psychological level last week and climbed up further to 1420 regions last week. The bullishness was fuelled by the weakening of US dollar and mounting concerns over the incessant European debt crisis.
PETALING JAYA: Will we see oil price exceed US$100 in 2011? Quite likely, say analysts, as more quantitative easing by the US Government, coupled with strong demand from India and China drive oil prices to the three-digit level again.
GOLD traded relatively quiet last week. It reached a weekly high at 1392 regions before sliding to 1372 regions.
GOLD fell off the high 1408 last week to 1360 as the dollar extended a rally, eroding demand for the precious metal as an alternative asset.
GOLD slid from its new high at 1430 regions early last week to 1371 regions as the Obama administration proposed a new tax cut and unemployment benefit plan.
GOLD broke above 1400 level last Friday, after US job data showed a climb in unemployment rate to 9.8%.