Gold, other precious metals and base metal commodity futures have been rallying for two straight days as a result of the U.S. Federal Reserve announcing $600 billion worth of quantitative easing on Wednesday, according to the Financial Times.
London saw spot gold prices increase during early trade on Friday, rising to a record high of $1,394.06 per troy ounce. That figure represented a 0.2 percent increase at that point. Comex December gold futures rose to $11.90 to trade at $1,395 per troy ounce.
Also on Friday, silver hit a 30-year high with silver futures rising to $26.695 per troy ounce, an increase of approximately 1.1 percent. That figure also was the highest silver had been since 1980. Palladium futures struck $686 per troy ounce, its highest since 2001. Platinum reached a two-year high of $1768.30 per troy ounce.
Oil notched a six-month high but then slipped. Base metals reached a two-year high of $8,769.50 per ton, an increase of 2.3 percent.
Raw sugar reached its 30-year high and cotton scored a nominal all-time high in New York.
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