It was a banner day for commodities, as both crude and gold futures tagged record highs on the day. Ahead of tomorrow's report on U.S. petroleum supplies, December crude futures jumped $2.72, or 2.9%, to close at a new all-time high of $96.70 per barrel. Analysts are forecasting a third decline in U.S. crude inventories, prompting strength in crude. Meanwhile, a new low by the dollar versus the euro boosted the value of oil as an alternative investment. On an intraday basis, crude futures also tagged a new all-time intraday high of $97.10 per barrel.
In metals futures, gold rallied to its highest level since 1980 on weakness in the U.S. dollar. Furthermore, surging crude prices sparked safe-haven demand in gold, providing additional lift in the metals pits. Against this backdrop, gold for December delivery rose $12.60 to end at $823.40 an ounce. Earlier in the session, gold tagged an intraday high of $828, a level not seen since 1980.