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.