Oil hovers at record high

Global commodities markets were bubbling on Friday after gold briefly peaked over 1,000 dollars an ounce, oil hit new highs and the dollar tumbled to a record low against the euro.

Hong Kong gold prices opened higher and edged towards the symbolic 1,000 US dollars an ounce mark breached for the first time Thursday on the London Bullion Market.

The plunging dollar and the precious metal's traditional role as a safe haven amid fears of rising inflation have caused gold prices to surge about 17 percent so far this year. AFP