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Base metal prices notched up another record week on plunging stocks and keen demand, while crude oil prices headed lower as traders tracked OPEC output news and US energy reserves.

On Friday, the Commodities Research Bureau’s index of 17 commodities firmed to 306.11 points, from 303.64 points the previous week.

GOLD: Gold rebounded above $600 for the first time since October 2. “Prices strengthened with gold retesting the 600-dollar mark on strong investor interest prompted by the positive sentiment in the oil market and the sharp decline in the dollar,” said Barclays Capital analyst Sudakshina Unnikrishnan.

A weaker dollar makes commodities priced in the US unit on world markets more attractive to buyers using other currencies. Investors also seek refuge in gold because it is seen as a safe store of value in times of higher inflation.

SILVER: Silver prices climbed in line with other precious metals, breaching $12 per ounce.

PALLADIUM AND PLATINUM: Platinum and palladium prices rose. Deutsche Bank analysts said that palladium gains would be limited owing to plentiful stockpiles. “We remain concerned about the sizeable quantities of above ground stocks in both Zurich and Russia that could be liquidated and sold into the market if required,” they said. On the London Platinum and Palladium Market, platinum rose to $1,080 per ounce at the late fixing Friday, from $1,073 the previous week.

Palladium gained to $326 per ounce on Friday from $314 the previous week.

BASE METALS: The base metal complex enjoyed another historic week. On the London Metal Exchange, three-month zinc prices reached an all-time pinnacle of $4,020 per tonne — the highest level since the metal was first listed in 1915. Zinc is used to galvanize iron and steel.

Nickel had touched an all-time peak of $32,250 per tonne, while lead hit a record high $1,550 per tonne. Tin prices meanwhile had struck $11,000 per tonne — the best level since 1989 when the metal was re-introduced on the London market. Base metals are currently enjoying a record-breaking run thanks largely to weak stocks, ongoing production problems and soaring demand from China, whose economic growth has continued at a blistering pace.