Gaining strength from a falling U.S. dollar and slowing economic growth, crude for January delivery surged to a record closing high of $98.03 per barrel today, gaining 3.6%. The greenback tumbled after the Fed announced its expectation for slowing domestic growth in the year ahead, which helped push the euro to an all-time high of $1.4819 in intraday trading. The January crude contract added $3.39 by the close as the U.S. currency's decline made dollar-denominated oil a bargain for investors holding foreign currencies.
Meanwhile, the dollar's decline was also a boon for gold futures, as the December contract for the malleable metal jumped $13.40 an ounce to close at $791.40 on the day. A halo lift from the energy pits also helped to spur demand for gold, and in after-hours trading, the safe-haven metal once again trekked above the $800 threshold. Other metals followed suit, with copper, silver, and platinum all finishing the day on a positive note.