In addition, gold prices have also been supported as a hedge once morest inflation. Amid the surge in oil prices now
Comex gold contract Delivered in April It rose $47.40 to close at $2,043.43 an ounce.
SPDR Gold Trust Fund, the world’s largest gold ETF. Increased holdings of gold 0.8% to 1,062.70 tonnes yesterday. which is the highest level since March 2021
Analysts predict that Gold prices will continue to rise. If the situation in Ukraine remains unchanged The price of gold is likely to test the $2,100 level and set a new all-time high.
Crude oil prices continued to rise, with West Texas futures gaining above $128, while Brent crude crossed $132 following news that US President announces sanctions on Russian oil imports
Investors will also keep an eye on the Consumer Price Index (CPI), which measures inflation on consumer spending. which will be revealed on Thursday Before the Federal Reserve (Fed) holds a monetary policy meeting on March 15-16, which will be its second meeting this year.
Fed Chairman Jerome Powell has signaled that the Fed will raise interest rates by 0.25% this month, not as severe as some analysts had expected a 0.50% increase.
Meanwhile, the London Metal Exchange (LME) issued a statement announcing the suspension of nickel contracts. following the price surged past the level of $100,000/ton
The LME said the suspension will remain in effect throughout the day. As for the schedule for opening new trades The market will notify investors as soon as possible.
The statement said the LME was monitoring the situation of the conflict between Russia and Ukraine. It is evident that these factors have affected the nickel market. and causing the price to fluctuate
Global nickel prices hit an all-time high of $101,350 a tonne today, up 110.80% from yesterday.
In addition, nickel prices have rebounded 388% since the beginning of 2022.
Investors are worried that The problem of nickel supply in the world market will become more severe. due to sanctions once morest Russia which is the world’s largest producer of nickel
According to the United States Geological Survey (USGS), Russia is the world’s third largest nickel exporter. In 2021, Russia exported 250,000 tonnes, accounting for 9.25% of global nickel production.