(LONDON) Gold prices rocketed to a record high beyond US$1,070 per ounce last week, while oil bounced to a one-year peak, as the US currency crumbled in value against the European single currency.

A fading US unit makes dollar-priced raw materials, like gold and oil, cheaper for investors holding stronger currencies.

Precious metals: The price of gold hit a record US$1,070.80 per ounce on Wednesday, as the precious metal was boosted by the weak dollar, before pulling lower on profit-taking.

The latest pinnacle was forged as the euro surged above US$1.49 for the first time since August 2008. It subsequently rallied to a 14-month high of US$1.4968 on Thursday.

In recent days and weeks, gold has enjoyed a record-breaking run as the tumbling dollar has stimulated demand. In the wake of gold's stellar run, sister metal silver hit a 14-month peak of US$18.08 an ounce. Palladium reached the highest points since August 2008, while platinum scaled a level last seen in September last year.

By late Friday on the London Bullion Market, gold eased to US$1,047.50 an ounce from US$1,051.50 a week earlier. Silver slipped to US$17.31 an ounce from US$17.63.

On the London Platinum and Palladium Market, platinum climbed to US$1,346 an ounce at the late fixing on Friday from US$1,337. Palladium firmed to US$326 an ounce from US$323.

Oil: The price of oil struck a one-year high above US$78 thanks to the weak US dollar and signs of a pick-up in energy demand, traders said.

New York's main contract, light sweet crude for November delivery, hit US$78.17 a barrel on Friday - the highest level since Oct 14, 2008.

By Friday on the New York Mercantile Exchange (Nymex), light sweet crude for delivery in November surged to US$77.32 from US$71.89 a week earlier.

On London's InterContinental Exchange (ICE), Brent North Sea crude for December delivery jumped to US$75.93 a barrel compared with US$70.14 for the expired November contract a week earlier. -- AFP