Investors in commodity markets enjoyed another record-breaking week, scaling new peaks in energy, agriculture and precious and base metals markets. Gold moved closer to $1,000 a troy ounce as bullion hit a record $975.90 on Friday. Over the week, gold rose 2.7 per cent to $970.40, helped by dollar weakness, inflation concerns and rising oil prices reports the Financial Times.

Oil reached an all-time high of $103.05 this week, supported by supply disruptions in Nigeria and news that Ecuador shut a key export pipeline because of a landslide. Oil has also reached a record inflation-adjusted high, beating the previous peak in 1980.

Nymex April West Texas Intermediate lost 79 cents at $101.80 a barrel on Friday as geopolitical tensions eased after Turkey withdrew its troops from northern Iraq following an offensive against Kurdish militants. However, it was 3 per cent higher over the week.

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