[ad_1]
\n<\/p>\n
It\u2019s official: Google searches for the phrase \u201cHow To Trade Commodities\u201d are surging once again!<\/p>\n
This comes as no surprise, considering the current macroeconomic backdrop is fuelling a \u201cperfect storm\u201d for Commodities, sending prices across the board to fresh multi-month highs.<\/p>\n<\/div>\n<\/div>\n
Gold prices hit fresh three-month highs on Friday and are firmly on track for a second straight weekly gain, with demand bolstered by the Middle East conflict and expectations that the Federal Reserve may not hike interest rates again in this rapidly changing geopolitical climate.<\/p>\n
The precious metal has been on an unstoppable run, rallying from near the $1,800 level at the beginning of October to a three-month high of $1,981 an ounce on Friday \u2013 notching up an impressive gain of over 21%, from this time last year.<\/p>\n
The bullish momentum has also split over into Gold priced in other currencies such as British Pounds, Euros, Australian Dollars, Chinese Yuan and Japanese Yen \u2013 sending prices skyrocketing to all-time record highs.<\/p>\n
The big question now is will Gold price denominated in US dollars be next to hit all-time highs?<\/p>\n
Only time will tell, however one thing we do know for certain is that right now, Gold is doing what it does best \u2013 acting as the \u2018go-to\u2019 safe-haven in times of uncertainty.<\/p>\n
In recent days, Israel has been bombing Gaza and preparing its forces for a potential ground invasion as it seeks to crush Hamas. Traders are on high alert in case the conflict spills over into the wider Middle East region \u2013 essentially turning it into a proxy war between Israel and Iran, which supports Hamas.<\/p>\n
Iran has already warned of the scope for escalation, saying earlier this week that such an outcome was becoming \u201cinevitable.\u201d<\/p>\n
An escalation of the Israeli-Hamas war would be the second geopolitical shock for the global economy in less than two years. The wider the conflict spreads, the more its impact becomes global rather than regional.<\/p>\n<\/div>\n<\/div>\n
Elsewhere in the commodity markets \u2013 Oil prices have been whipping up an explosive money-making storm \u2013 firmly positioning the entire energy sector as one of the hottest asset classes of 2023.<\/p>\n
With the Middle East home to a third of global Crude Oil supply, there is a very strong possibility that escalating tensions could take millions of barrels off the market a very critical time when Oil supplies have already been depleted by months of sharp production cuts by Saudi Arabia and Russia.<\/p>\n
Oil prices continued their bullish rally on Friday with Brent Crude<\/a>, the international benchmark surging above $93 a barrel, while WTI Crude Oil<\/a> climbed above $90 a barrel.<\/p>\n Whichever way you look at it, one thing is clear. It won\u2019t take much for Commodity prices to move significantly higher in this current geopolitical environment and reach new highs in the coming weeks and months.<\/p>\n Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:<\/p>\n<\/div>\n<\/div>\nCommodity Price Forecast<\/h2>\n