Gold and Oil Prices Rise, US Wheat Breaks Records
April 2024 is notable in the global commodity markets with rallies in gold, crude oil and especially American wheat. In this article, we examine the details of commodity price changes and their economic impact.
Global economic indicators point to a significant revival in the course of commodities in April 2024. Increases in key assets such as gold, silver and crude oil are attracting the attention of investors and market analysts. American wheat in particular has jumped an impressive 2.78 percent, reigniting the debate on sustainability and food security.
Gold – Safe Haven Shines Again
As of June 2024, gold prices have increased by 0.22 percent, reaching a value of $2,403.30 per ounce. With global uncertainties and inflationary pressures persisting, gold continues to assume the traditional ‘safe haven’ role for investors. This rise in gold prices is an important signal for investors looking to diversify their portfolios, especially during periods of high economic volatility.
Crude Oil – Demand Signals are Reflected in Prices
By May 2024, crude oil prices had risen by 0.66 percent to $83.28 per barrel. At a time when energy demand is increasing, this movement in oil prices has a significant impact on the economies of companies operating in the energy sector and oil-exporting countries. At the same time, this increase allows for inferences to be drawn about consumer prices and overall economic growth.
Silver – A Shining Reflection of Industrial Demand
Silver prices also increased by 1.10 percent during this period, reaching $28,692 per ounce by May 2024. The fact that silver is in demand both as an investment instrument and as an industrial metal causes price movements to be even more dynamic. Technological developments and its increasing use in the solar energy sector are among the factors that positively affect the demand for silver.
Natural Gas – The Search for Stability in Energy Markets
Natural gas rises by 0.40 percent to $1,764 per cubic meter in May 2024. This is particularly relevant as the winter months approach and energy storage needs increase. This partial increase in natural gas prices hints at expected volatility in energy markets and future price stability.
