Prices of Gold and other metals flare-up along with fuel in the wake of oil ban on Russia

Moscow / London – Talks have begun within the United States and European nations to ban the import of Russian fuel. This has caused intense repercussions in the international market and flared up the prices of fuel, gold and other metals. Crude oil rates jumped to $130 a barrel, which has reached the record level since 2008. Besides, gold prices have reached two thousand dollars per ounce. There has also been a sharp rise in silver, palladium and nickel rates, with nickel reaching a 15-year high.

Due to this rise, there are signs of inflation flaring up at the international level. Its blow has begun hitting the global economy. However, this increase in rates is not the biggest challenge the world faces, but the world will face an even more dire situation. This is because the current rates of $130 per barrel of crude oil will go up to $200 per barrel, has warned London’s Westbeck Capital Management’s hedge fund.

While the Russia-Ukraine war is completing 12 days, Western countries, in the meanwhile, have maintained a boom of sanctions against Russia. The only option that has come to the fore is to ban fuel imports with a view of a decisive step against Russia. Ukraine has been consistently making this demand, with Ukraine’s leaders accusing Russia of using funds acquired from fuel to shed Ukraine’s blood. The United States and European countries have begun talks of banning Russian fuel imports against this backdrop.

Intense repercussions were felt in international markets on Monday. In a short time after the transaction began, crude oil rates bounce reached a record high of $137 a barrel. This is the first time since 2008 that crude oil rates have reached this stage. WTI crude rates of the US also have reached $125 a barrel. This has hit US fuel prices, and one is forced to count for more than $4 per gallon.

धातूंचे दर कडाडले Natural gas rates have also bounced following the crude oil. Fuel gas rates in European countries have reached $3600 per thousand cubic meters. This is the first time in the history of the fuel gas market that this record level has been reached. Following fuel, rates of gold and other metals, as well as food grains, have started flaring up. Gold rates crossed the level of $2000 per ounce on Monday. This is the first time since August 2020 that gold rates have crossed the 2,000 level.

Rates of metals like silver, nickel, palladium and aluminium have also risen following gold. Nickel rates have increased by a whopping 30% to a 15-year record high. Palladium rates have reached $3440 an ounce. Besides, aluminium rates have crossed the $4000 per tonne mark.

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