Weekly Fundamentals - Debt Crisis and Pre-Mature QE3 Hopes Sent Gold to Record Highs

Performance of commodities continued to be dominated by macroeconomic events. Gold was the most eye-catching as it surged to new record highs. Sovereign debt concerns in the European periphery persisted throughout the week but better-than-expected stress test results soothed market sentiment modestly. Debt problems were not confined in Europe. In the US, the White House and the Congress failed to reach an agreement on raising the debt ceiling. Both moody's and S&P warned that they put US debts under review for downgrades. Another focus in the world's largest economy was Fed Chairman Ben Bernanke's 2-day testimony. Investors were thrilled after his speech on the first day as it raised hopes on QE3.

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Weekly Fundamentals - Debt Crisis and Pre-Mature QE3 Hopes Sent Gold to Record Highs