Brent remains at elevated levels

On Friday, the front-month contract on Brent settled at 111.38 USD per barrel (USD/bbl) and thus remained at elevated levels although the trading volumes were again well below average. The oil price was supported by the weakening US dollar and violent protests in Egypt ignited by the decree issued president Mursi that gave him new powers. On the other hand, the room for gains was limited by missing agreement on the release of new aid to Greece.

Precious Metals
The price of gold hit six-weeks high on Friday although the trading activity in Asia remains muted, according to Reuters. However, investors expect some revival in Asian demand due to holiday season in the end of the year. The recent gains of the yellow metal were primarily driven by the weakening dollar as well as recent re-election of Barack Obama as the US president which signals that the period of easy monetary policy would continue.