On Wednesday, an ounce of gold thus reached 1,779.53 dollars, a level not seen since October 2012, before falling a little.

The rise was particularly notable at the start of the week, as the dollar weakened: since gold is denominated in greenbacks, a drop in the latter makes the precious metal less expensive for investors using other currencies .

Furthermore, "the combination of negative real yields (on government bonds) with the prospect of higher inflation, due to the massive increase in the money supply, has pushed prices up", explained Neil Wilson, analyst for Markets.com.

“Gold has been a clear winner in the pandemic,” added Fiona Cincotta, for City index.

Since March and the worldwide expansion of Covid-19, the precious metal, considered a safe haven in times of uncertainty, has indeed recorded regular gains and reached multiple peaks in seven and a half years.

On the London Bullion Market, an ounce of gold was worth 1,756.16 dollars on Friday around 3:05 p.m. GMT (5:05 p.m. in Paris), against 1,743.87 dollars the previous Friday at the close.

The wanted copper

The price of copper appreciated this week on the London Metal Exchange ( LME ), finding Friday a high since the end of January, supported by the risks which weigh on the supply of the world's largest producer of red metal, Chile.

“As demand appears to be gradually normalizing again in China and elsewhere, metals market players are turning to supply,” Commerzbank ’s Eugen Weinberg explained in a note .

Their attention stopped on Chile, hard hit by the coronavirus epidemic with more than 250,000 contaminations and nearly 5,000 deaths.

On Thursday, the public company Codelco, which provides no less than 11% of world copper production, announced the temporary closure of its Chuquicamata mine, located in the Antofagasta region (north), due to the epidemic of coronavirus.

Concerns "about a massive production surplus in the copper market that prevailed in March have now given way to expectations of a shortfall. In response, the price of copper has risen to a five-month high" and is now approaching the $6,000 it hasn't seen since Jan. 24, Weinberg added.

On the LME , a tonne of copper for delivery in three months peaked at 5,953.50 dollars on Friday at 3:10 p.m. GMT (5:10 p.m. in Paris), against 5,849.50 dollars the previous Friday at the close.

Overabundance of sugar

Sugar prices slumped this week, penalized by an overabundant supply and a weak Brazilian real.

"The global market is awash with sugar," said Price Group analyst Jack Scoville.

The relatively low oil prices, around 40 dollars a barrel this week against more than 60 dollars at the start of the year, are in question because they do not encourage the transformation of sugar cane into ethanol, which has become less competitive against in black gold.

The weakness of the Brazilian real is also a handicap for sugar prices. When the currency of the world's largest producer is weakened, exporters can afford to accept lower prices on the international market, since they are fixed in dollars and they thus make a profit by converting their earnings back into reais.

This week, the Brazilian currency has devalued by almost 3% against the greenback, and by more than 25% since the start of the year.

In London, a ton of white sugar for delivery in August was worth 344.90 dollars around 3:05 p.m. GMT (5:05 p.m. in Paris), against 368.30 dollars the previous Friday at the close. In New York, a pound of raw sugar for October delivery was worth 11.58 cents, down from 12.18 cents seven days earlier.