Today, from crude to base metal and from natural gas to gold, all are fast, but what is the reason for reaching the crude prices on the sky and why are they seeing a rise. Let’s take a look.
Crude made new gold
The upward trend in crude prices continues. The price of Brent has reached a 7-year high. Crude oil has jumped 3% in the last week. The price of crude has been climbing continuously for 8 weeks. The price of petrol is also seen at the high of 7 years.
What is the reason?
Demand increased, global energy crisis, costly coal, decreasing corona restrictions are the main reasons for the rise in crude oil.
Where are the eyes of investors?
After the rise in crude oil, now the eyes of investors are on the supply of America. Along with this, the demand and supply of crude, global energy crisis, rising coal prices, natural gas prices and winter demand are being monitored.
rise in aluminum
The prices of aluminum are witnessing a record high. Aluminum has reached a peak of 13 years. Decreasing production has led to a rise in prices. Weakness in US Dollar is providing support.
rise in zinc
Zinc prices reach 14 year high. Zinc has set a high of $3,843.50 in the international market. Zinc has gained momentum due to falling demand from manufacturing companies. At the same time, China has extracted 180,000 tonnes from the reserve.
Copper prices are also showing an upward trend. Copper is seen at a 4-month high, while China’s imports have increased after a 5-month decline. Lead is visible at the height of 1 month. There is also a record increase in tin prices. The price of tin has come out above $ 37000 per ton.
gold’s returning shine
There is a slight increase in gold in the festive season. The price on MCX has crossed Rs 47,000 per 10 grams. In the international market, the price of gold has risen above $ 1765. Gold is supported by rising crude prices. Inflation, power crisis have also boosted confidence. Gold is also getting support from the high valuation of equity market.
Why is the speed coming?
Gold prices are rising due to the rising crude prices in the international market. And on Brent, the price has crossed $ 85 while a high of $ 86.03 has been made. Investors have expressed confidence of crude going up to $ 90. Inflation is increasing due to expensive crude. The physical demand for gold has increased while the industrial demand for silver has increased. There is also concern about the supply from the power crisis in China.
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