The global economy takes a hit amid the ongoing war between Russia and Ukraine—with gold and nickel prices rising dramatically.
As Russia continues its invasion of Ukraine, the market has taken a hit, with oil prices reaching nearly a 14-year high, as well as the price inflation on basic goods and raw materials. Thus, gold and nickel prices have risen drastically.
With Russia being a major producer of this metal and many countries imposing sanctions on them, nickel prices have drastically increased to an unprecedented 90%—shattering its 2008 peak of $48,000 (around PHP2.5 million) per tonne. And now, the price of nickel has reached a record high of $54,880 (around PHP2.86 million) per tonne!
Price Surge in Gold
Fearing these economic repercussions, many investors have opted for safer and more stable options—from trading in cryptocurrency to investing in safe-haven commodities like luxury goods, diamonds, or gold. Thus, the price of gold hit a peak price of $2,000.86 (around PHP104,300) per ounce in Asian trade, as announced on Monday, March 7, 2022.