Gold was the standout performer in a generally sleepy post-Christmas week for the commodities market, the metal rising to near-eight year highs, due mainly to the plummeting dollar.
Elsewhere, there was relatively little action, with most markets closed on December 25 and 26 and on January 1, also closing early on other days, meaning many traders abandoned their desks for the whole festive period.
GOLD: Gold hit its highest level for almost eight years as further sharp falls in the dollar made the metal more affordable for non-US buyers, with a low volume of transactions also increasing market volatility.
By Friday afternoon, gold prices stood at 415.25 dollars an ounce on the London Bullion Market against 410.80 dollars on December 24, the last day of trading before Christmas.
The peak came on Wednesday when gold hit 417.25 dollars during the first of London's twice-daily fixings, the highest price since early February 1996, when gold rose to 417.70 dollars.
However the 1996 price was an interim, or "spot", gold price. Wednesday's price was the highest fixing since February 7, 1990, when it hit 423 dollars.
Although gold also benefited from its status as a safe-haven investment amid fears of terrorist attacks over the holiday season, the dollar remained the main factor in the metal's surge, analysts said.
The dollar's fall to all-time lows against the euro and multi-year troughs against other currencies was "the only factor for gold", said Stephen Briggs from Societe Generale.
"We have started the New Year in the same situation - the dollar is at new lows against the euro and sterling. That has been a clear benefit," he said.
SILVER: Silver reached the symbolically important six dollar per ounce mark for the first time since May 1998, pulled up once again in gold's wake.
The landmark came on Wednesday, when silver crept up to 6.01 dollars per ounce before falling back slightly.
Silver's ascent in tandem with gold has come despite worries about its use as an industrial metal, with the photographic industry in particular consuming far less of the metal to make films as digital technology gradually takes over.
Silver could nonetheless yet rise further, said James Moore.
"Resistance above six dollars is looking pretty formidable at the moment but if gold jumps higher it will probably follow, with 6.10-6.15 dollars being its next target," he said.
The silver price stood at 5.985 dollars per ounce on the London Bullion Market on Friday against 5.720 dollars on December 24.
PLATINUM AND PALLADIUM: Platinum remained steady just below recent 23-year highs as the closure for much of the week of the key Japanese metals market limited any real action.
Platinum has soared in recent months due to strong industrial demand and the weak dollar, and analysts said it was unlikely to dip greatly.
By Friday, the platinum price stood at 815.50 dollars per ounce on the London Platinum and Palladium Market against 812 on December 24.
"The fundamentals are very strong. There is no reason for prices to go lower than 793 dollars," said Societe Generale's Briggs.
Meanwhile palladium continued its gradual downward trend, with "nothing happening really", according to Briggs.
The palladium price traded at 192 dollars an ounce from 200 dollars.
BASE METALS: Base metals were another beneficiary of the weakening dollar, with investment fund action also helping out on expectations of good industrial demand during 2004.
"The weakening of the dollar is not as important as for gold, but people are perceiving that it is going to be a good year for the world economy and therefore demand for metals and for the market will be up," said Societe Generale's Briggs.
"Copper looks much better than aluminium, lead better than zinc and nickel is on a planet all on its own," he said, referring to nickel's recent rise above 16,000 dollars per tonne for the first time in 15 year.
By Friday, three-month copper prices had risen to 2,327 dollars per tonne on the London Metal Exchange from 2,245 a week earlier.
Three-month aluminium prices advanced to 1,614 dollars per tonne from 1,595.
Three-month nickel prices gained to 16,600 dollars per tonne from 16,100.
Three-month zinc prices climbed to 1,028.5 dollars per tonne from 1,005.
Three-month tin prices rallied to 6,550 dollars per tonne from 6,300.
Three-month lead prices rose to 740 dollars per tonne from 700.
OIL: Oil prices had a particularly sleepy time, moving slightly downwards during a holiday-interrupted week as many traders chose to spend time digesting their Christmas excesses at home.
By Friday, the price of benchmark Brent North Sea crude oil for February delivery stood at 29.32 dollars a barrel in London from 29.06 dollars on December 24.
In New York, the reference light sweet crude January contract was at 32.52 dollars on Wednesday - it was closed on both January 1 and 2 - against 32.86 dollars on Christmas Eve.
The main action of the week came on New Year's Eve as traders reacted to the US Department of Energy's weekly report on commercial energy inventories, which showed a sharp drop in crude oil stocks.
The New York market initially gained in reaction to the fall in crude stocks, but reversed itself as investors calculated that this would be offset by the availability of gasoline and diesel fuel.
London, which was already closed when the data was released, followed suit on January 2, having also belatedly reacted at the start of the week to a price rise in New York on Christmas Eve due to terrorism alerts.
RUBBER: Rubber prices were almost totally stagnant over the week in a market reduced to torpor by the festive season.
In Kuala Lumpur, the RSS 1 index was virtually unchanged at 4.720 ringgit per kilo on Tuesday from 4.730 the previous week.
COCOA: Cocoa prices slipped very slightly over in a week which saw virtually no trade.
LIFFE, London's financial futures exchange, was closed on January 1, as well as December 25 and 26 the previous week, and had shortened trading days on December 24 and 31.
The CSCE, the New York futures market, was shut on December 25 and 26 and on January 1 and 2.
On LIFFE, the price of cocoa for March delivery dropped to 891 pounds a tonne on Tuesday from 906 on December 23.
On the CSCE, the New York futures market, the March contract eased to 1,537 dollars per tonne on Tuesday from 1,544 on December 23.
COFFEE: Coffee futures saw little movement in similarly curtailed trade, with profit-taking being balanced out by fund buying and forecasts of a drop in the harvest from leading world producer Brazil.
On LIFFE, Robusta quality for March delivery was virtually the same at 713 dollars per tonne on Tuesday, from 714 dollars on December 23.
On New York's CSCE market, Arabica for March delivery stood at 63.65 cents a pound on Tuesday from 63.85 on December 23.
SUGAR: Sugar futures continued to be hit by profit-taking, although any movement was limited by the market holidays.
On LIFFE, the price of a tonne of white sugar for March delivery declined to 184 dollars on Tuesday from 186.70 a week earlier.
On the CSCE in New York, a pound of unrefined sugar for March delivery fell to 5.75 cents from 5.88 cents.
GRAINS AND SOYA: Cereal and soya prices gained ground during a shortened trading week due to possible orders for US crops from China and South Korea.
South Korea was looking to buy maize from the United States, while a Chinese delegation was to travel with a view to arranging grain exports, said Joe Victor an analyst with the Allendale brokerage.
In Chicago, the price of wheat for March delivery gained to 377 cents a bushel on Wednesday from 370.50 on December 23.
On LIFFE, wheat for January edged down to at 106.80 pounds a tonne on Wednesday, from 108.50 pounds on December 23.
In Chicago maize for March delivery gained to 246 cents a bushel from 243.75.
Soyabeans for January delivery gained to 789 cents a bushel from 741.25. January-dated soyabean meal - used in animal feed - rose to 241.90 dollars per tonne from 223.40.
COTTON: Cotton futures held in a narrow range in very muted holiday trading.
New York's March contract gained to 74.37 cents a pound on Tuesday from 70.60 the previous week.
The Cotton Outlook Index of physical cotton, the average of the world's lowest prices, inched down to 73.60 cents from 74.05.
WOOL: Wool prices were steady with the market closed in number one producer Australia.
Auctions resume on January 5, according to the Australian Wool Industries Secretariat.
The Australian Eastern index stood at 7.75 Australian dollars per kilo before the break.
The British Wooltops index was flat at 473 pence.
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