Commodity markets continue to see record prices amid war

Wheat prices up by over 40% in 1 week, while gold rises to 19-month high.

Commodity markets continue to see record prices amid war

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 2007, 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.