Record highs: Oil hits $140, gold breaches $2000
Gold prices on March 07 breached the $2,000 barrier for the first time in a year and a half as investors sought refuge in the wake of the escalating Russian-Ukrainian crisis.
Spot gold rose 0.9% to $1,986.83 an ounce, after rising to its highest level since August 2021, at $2,000.69 earlier in the day. US gold futures rose 1.3% to $1,992.00.
Other precious metals also experienced gains. Palladium rose 4.3% to $3,130.16 an ounce following an all-time high of $3,172.22 earlier in the session. Spot silver rose 0.4% to $25.76 an ounce and platinum jumped 2% to $1,143.47.
Record high for oil
Oil rose more than 10% in early Monday’s trading, due to concerns about the US and European ban on Russian oil and delays in Iran’s nuclear talks.
Brent rose 9.56% to $129.50, while US crude rose to $125.17, up 8.23%. At the opening of Asian markets today, oil prices rose significantly, with Brent crude gaining 18% to $140 a barrel and US crude above $130 per barrel, before trimming their gains.
*Prices in the report are accurate at the time of publication