Gold, oil, metal prices rose on strong US sales and optimism in EU

Nov. 28, 2011 - PRLog -- Sahit Muja: Gold, oil, metal prices rose on strong US sales and optimism in EU
Gold prices rose to above $1,685 an ounce .

Gold prices rallied as the U.S. dollar weakened against the euro on hopes that a stronger fiscal union between the 17 nations on the currency would help stem the debt crisis

The gold rose after Germany and France stepped up a drive  to reject euro zone members' budgets that breach EU rules, easing mounting European sovereign debt fears.

Gold climbed  as a decline in the value of the dollar may accelerate demand for the metal as an alternative asset.
The dollar fell 1 percent against the euro.

The copper, nickel, aluminum, lead, palladium, silver and platinum prices also advanced.

Silver gained 3 percent to $32.195 an ounce,  platinum climbed 1.9 percent to $1,559.75 an ounce, and Palladium advanced 4.4 percent to $593 an ounce.

Oil prices climbed above US$98 a barrel Monday after shoppers pumped up holiday retail sales in the United States and investors bet that Europe would find a last-minute solution to its financial crisis.  

A weaker dollar makes crude cheaper for investors trading in other currencies and often helps raise oil prices.

The concerns about conflicts in some of the world’s most important oil suppliers also helped push oil prices up.

The stricter sanctions have been placed on Iran with some European countries even considering a ban on oil imports.  

On Monday, a gas pipeline in Egypt’s Sinai Peninsula transporting fuel to neighboring Israel and Jordan was bombed, forcing its shutdown and halting exports.

The concerns about civil unrest in Syria and Yemen, sectarian tensions in Saudi Arabia are also on the rise.

Sahit Muja
President and CEO
Albanian Minerals
New York

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Albanian Minerals is Metal Mining and trading Company one of fastest growing mineral company in Europe