Gold and silver futures rose, capping the biggest weekly rallies in four months, as the outlook from the Federal Reserve for low U.S. interest rates boosted demand for the metals as hedges against inflation.
Gold fell in New York, capping a second straight weekly loss, as moves by China to fight inflation and slow growth eroded demand for precious metals and raw materials.
Gold climbed to a record for the third time this week as investors stepped up demand for a haven from financial turmoil. Silver futures rose to the highest closing price since 1980.
Cocoa futures climbed to the highest price in eight weeks in New York on signs of increasing demand for chocolate. Coffee also rose.
Palladium futures reached the highest since 2001 on concern that supply will be restricted by a four-month mine strike in South Africa. Gold capped the longest rally since April.
Gold futures climbed to the highest in almost 17 weeks on speculation that a sputtering U.S. economy will boost demand for the metal as an alternative investment.
Gold fell from a 15-week high on speculation that demand for bars and coins will ebb following the rally.
"Lack of any news out of Ukraine is pushing the safe-haven premium of gold lower."
- Adam Klopfenstein on Aug 11, 2014