Gold above $2,000

Gold climbed to its highest in one-and-half years on Monday and palladium hit an all-time high on safe-haven asset appeal, while nickel soared over 20 per cent on fears of supply disruptions tied to sanctions on Russia and continued fighting in Ukraine.

Gold prices rose above $2,000 per ounce, palladium hit a record, LME 3-month nickel posted its largest ever one-day gain, and oil and wheat jumped to 14-year highs as Russia's escalating invasion of Ukraine continued to roil global commodities.

The searing rally in raw material prices has sparked concerns over economic growth in countries still recovering from the Covid-19 pandemic.

"The saying goes that the best cure for high prices is high prices," said OANDA senior analyst Jeffrey Halley in a report.