Good week for gold, better week for oil

GOLD performed strongly this week after the US left interest rates on hold, while oil held above $US30 a barrel.

Oil prices had another rollercoaster - but better - week, with West Texas Intermediate crude oil last trading at more than $33 a barrel.

Comex gold in New York jumped as high as $1128 an ounce after the US Federal Reserve left interest rates unchanged.

Thomson Reuters GFMS this week tipped a drop in global gold output this year, prompting higher prices in the second half.

Gold eased to around $1115/oz overnight.

"Buying interest powered by expectations of dovish central bank actions was counterbalanced by fears over the near term direction of the US and Chinese economies," Patersons Securities chief economist Tony Farnham said.

After a more positive run this week, copper dropped slightly overnight to $4539.75 per tonne.

Despite nickel supply cuts announced in Brazil and Western Australia, nickel failed to fire, closing overnight at $8553/t.


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