Commodities Prices

In January, commodities prices rebounded sharply from December’s slump on the back of rallies in the precious and base metals complexes. Gold, silver, platinum, copper and tin all hit record-highs, propelled by U.S. dollar weakness plus elevated safe-haven and speculative demand amid heightened geopolitical tensions. Moreover, energy prices rebounded, rising at the sharpest pace in seven months: Crude oil, diesel and gasoline drove the recovery, due to OPEC+ pausing output hikes, the U.S. threatening oil producer Iran with an armada and India pledging to switch to buying Western instead of Russian oil. In contrast, the agricultural complex was the only one to trade at a lower level compared to the prior month, with prices hitting a three-month low as ample supply weighed on grain prices.

Commodities prices increased 4.9% month on month in January, following December’s 0.5% fall.