Wheat prices up by over 40% in 1 week, while gold rises to 19-month high
Commodity prices in world markets continued to see record levels on Monday due to Russia’s war on Ukraine.
The price of gold climbed to as high as $2,007.10 per ounce earlier in the day, reaching its highest level since Aug. 18, 2020. As of 1420GMT, it is at around $1,975.
Silver jumped to $26.145 per ounce, its highest since July 16 last year. It later fell to around $25.60.
Following a statement by US Secretary of State Antony Blinken that Washington and its allies are in active talks to ban Russian crude oil imports, the price of Brent crude jumped to $130.89 on Monday, balancing at $120.
The per-bushel price of wheat neared $12.95, coming to $475 per ton in an increase of 43% in just one week.
Corn and soy bean prices also posted significant gains over the last week.
Non-precious metal prices also rose amid the war between Russia and Ukraine.
Copper posted an increase of 6.3%, while nickel and zinc hit record levels since 2008 and 200, respectively.
The price of copper hit a historic high, exceeding $5 per pound, while palladium saw a record level of $3,395 on Monday.
Nickel rose by 17% in a week, as did zinc by 11.9%.
Aluminum and palladium also climbed by 12.3% and 24.7%, respectively.
Meanwhile, coffee prices fell with a loss of 6.1% on a weekly basis.