August 13, 2022

Dubai Week

Complete Dubai News World

Falling financial and cryptocurrency markets ... and rising global gold, oil and wheat prices.

Falling financial and cryptocurrency markets … and rising global gold, oil and wheat prices.

The context of the Russian war on Ukraine yesterday cast a shadow over the world economy in all its sectors, with oil prices soaring above $ 105 a barrel, the highest level since 2014. One-third of Europe’s natural gas needs. His contracts were up 35% yesterday.

Gold and coins

Gold once again proved to be a “safe haven” for investors during times of crisis, rising by about 2% to $ 40 an ounce, and is expected to continue to rise against the yellow metal in the coming days. According to market analysts.

In turn, Palladium Futures rose 6.51% to $ 2599.5, and US Treasury bonds and German 10-year government bonds rose.

In the currency, the dollar rose 0.57%, with gains of the Swiss franc and Japanese yen, the Russian currency falling 4% to its lowest level in six years to record 90 rubles against the dollar.

Money markets

The global financial markets were not waiting for any decision regarding the imposition of sanctions on Russia, but at a time when the Moscow Stock Exchange had suspended all trade, they were anticipating possible repercussions with a “collective collapse” on all countries. Major market indices in Asia, Europe and the US also fell.

Domestically, financial markets corrected their decline at the end of yesterday’s trading session, after initially witnessing a collective decline in stocks, which deepened the losses of the indices.

The Abu Dhabi Securities market ended its trading session with a 0.3% decline, after the Dubai Financial Market’s key index fell 1.8% and managed to contain a 3% decline during the trading session.

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Bitcoin and wheat

For its part, the “Bitcoin” currency plummeted 9% to revolve around $ 35,000, dragging out most of the digital currencies led by the “Ethereum” currency, which was worth about $ 2000.

In terms of wheat and corn prices, the “Chicago Stock Exchange” rose to an all-time high during Thursday’s trading, as Russian-Ukrainian events threatened global distribution of food grains.

Russia and Ukraine occupy a major position in the world agricultural market, and their wheat exports account for 23% of the world market, while they provide a quarter of the world’s grain production. Most of Ukraine’s grain exports are distributed throughout the Black Sea.

Futures contracts for wheat and corn rose more than 5%, adding to fears that it could accelerate global inflation.


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