Gold extended its record breaking run this week but had its thunder stolen by a stunning rise in the freight market.

The Baltic Dry index, the global benchmark for freight costs for dry bulk commodities, jumped 21.2 per cent to 4,111 points over the week as bids rose daily for the Capesize vessels that transport iron ore and coal to China. Growing ship congestion outside key ports in China and Brazil has also driven the Baltic higher - up 85.2 per cent since the start of October.