RIYADH: Commodities such as aluminum, gold, coal, and silver have seen prices rise after US-Israeli strikes on Iran triggered supply chain concerns and prompted countries to consider shifting away from oil and gas.
Gold and silver rose on March 10, supported by a weaker US dollar and easing energy costs after US President Donald Trump suggested that the war in the Middle East could end soon, Reuters reported.
The increases have not been as dramatic as those seen on the oil markets, which saw the cost of barrel of Brent surpass $119 on March 9, before falling back below the $100 threshold the next day.
Abdulrahman Al-Sudairy, CEO of Vault Saudi, told Arab News: “Beyond oil and gas, gold is seeing the clearest safe-haven demand as Iran tensions escalate, with prices rising on investor rotation into traditional hedges.”
He added that the Strait of Hormuz is the critical chokepoint to watch, as any disruption threatens not just oil flows, but Qatari liquified natural gas exports and the ammonia and urea derivatives that feed global fertilizer markets.
