By Anjli Raval,Javier Blas 2009-12-04

Goldman Sachs, the largest commodities dealer in Wall Street, warned yesterday of higher raw materials prices in 2010, with oil averaging over $90 a barrel next year.

　　 “As we start a new decade with the global economy emerging from the worst recession of the post-war era, we expect the commodity supply-side constraints of the past decade to once again reemerge, reinforcing the sustainability of higher long-term commodity prices,” said Jeffrey Currie, head of commodity research at Goldman.

　　 The bank is highly influential in commodities markets since it correctly anticipated the super-spike in oil prices from less than $50 towards $150 a barrel.

　　 In its report for the outlook for 2010, Goldman said robust growth in emerging markets will continue to have a “greater pull” on resources away from developed economies, creating further price volatility.

　　 The bank anticipates gold prices in a year's time to stand at $1,350 a troy ounce.

　　 Gold prices set a fresh all-time high on Thursday above $1,225 a troy ounce, supported by renewed weakness of the US dollar and strong money inflows.

　　 Gold held in trust across the largest bullion-backed, exchanged traded funds rose to a near peak of 1,771 tonnes, well above the official gold reserves of some industrialised countries, according to estimates by Barclays Capital.

　　 In London, spot gold rose to an intraday high $1,226.10 a troy ounce, up 1.0 per cent on the day. It later pared gains to trade at $1210 a troy ounce.

　　 Suki Cooper, a precious metals analysts at Barclays Capital in London, said that sentiment remained “very positive towards gold”.

　　 Silver rose to an intraday high of $19.43 an ounce while platinum extended gains above the key $1,500 a troy ounce level.

　　 Goldman also raised its forecast for oil prices, but said the recovery will be slower than previously thought because of weaker demand from rich countries. It said that oil prices will average $92.50 a barrel by the end of 2010.

　　 In the energy market, oil prices were mixed. But a large build up in US inventories last week depressed the value of the West Texas Intermediate oil against other international benchmarks such as Europe's Brent and Asia's Dubai.

　　 Base metals were down, after hitting their highest level for the year on Wednesday. On the London Metal Exchange, copper for delivery in three months fell 0.3 per cent to $7,095 a tonne.