Gold futures dropped slightly today, finishing on a lower note after rallying all week thanks to continued dollar weakness. December-dated gold shed 30 cents on the day after rising as high as $776.90 in electronic trading. Gold benefited as the dollar found itself under a bit of pressure ahead of this afternoon's Group of Seven meeting between the finance ministers from leading industrial nations. While the dollar's recent weakness will surely be discussed, analysts do not believe there will be any policy action taken to address the buck's weakness.
Oil prices dropped today, with investors looking to take profits after crude rallied above $90 per barrel. The high price was achieved thanks to concerns over winter supply worries and the weakening U.S. dollar. U.S. crude slipped 87 cents to finish the week at $88.60 per barrel after hitting an intraday all-time high above 90. During the trading day, President Bush noted that high energy costs pose a problem for low-income families and reiterated his concern about black gold's current levels. Concerns over supply disruption in Iraq, the news of a bomb attack in Pakistan, and weather pushed the contract higher on Thursday.