Gold, oil, grain or nickel. Prices of various commodities continue to rise, breaking multi-year records. Oil is already as expensive as it was in 2008, on the eve of the global financial crisis. But its price is likely to rise further.
Commodity prices continue to rise on the global market. After natural gas broke the 200 euro per megawatt-hour mark, other strategic raw materials went up. And not only industrial, but also agricultural. The price of grain has soared to a 14-year high due to the war in Ukraine. The world is worried about its shortage because Ukraine is likely to limit its exports. Not to mention that it is likely to be harvested less than in previous years.
Nickel is also rising in price, with a 30 per cent increase in recent days. Platinum was at an all-time price record and gold broke the $2,000 per troy ounce mark for the first time in a year and a half.
“Investors will need nerves of iron because the volatility in the markets is extreme these days,” Daniel Briesemann, an analyst at German banking house Commerzbank, told Reuters. Oil is approaching the $120 mark, less than $30 a barrel short of the absolute record set in 2008.
