Heightened tensions in the Middle East have been exerting upward pressure on prices for key commodities, notably oil and gold. Copper prices have also reached a two-year peak, reflecting supply concerns and signs of firmer global industrial production. In 2024 and 2025, overall commodity prices are forecast to decline slightly but remain about 38 percent above pre-pandemic levels. Unlike prices for most other commodities, oil prices are set to increase in 2024, by 2 percent. Gold and coppe
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