Gold jumps to highest level since August 2020, palladium nears all-time highs

Yahoo Finance's Ines Ferre joins the Live show to break down recent swings in commodity prices.

Video Transcript

BRIAN SOZZI: Now let's head over to Yahoo Finance's Ines Ferre for a rapid fire look at what's moving in the markets. Ines?

INES FERRE: And Brian, let's start out with commodities because that is really where the action is today and has been for the last several days. Let's take a look at gold futures. I'll get to WTI and Brent in just a second. But first, let's take a look at gold. We're looking at gold up more than 2 and 1/2 percent right now. Also, Goldman Sachs came out with a note predicting that gold is going to hit $2,300 an ounce in the next three months and the $2,500 level in the next six months.

So you can see year to date, gold is up 13%. We've seen quite a bit of price action in gold over the last six days. Take a look also at silver. Silver futures are up more than 5% right now. We're watching palladium near all-time highs, up more than 6%. We've also been watching wheat futures taking a bit of a breather. If we just take a look at a 12 day chart, you can see wheat futures up 47%.

Part of this, also, is a squeeze on short positions that were held prior to the war in Ukraine. This is part of the price action that you saw with wheat. But certainly, Ukraine, Russia, big wheat producers. Taking a look also at oil futures because we are watching. WTI up 7 and 1/2 percent. Brent Crude up more than 7%. President Biden is expected to announce a ban on Russian oil imports. And the UK also is expected to announce a ban on Russian oil imports.

And finally, just looking at where we're at with some of the energy stocks. We're watching Shell, which is up more than 4%. By the way, Shell apologized for buying Russian oil. It says it will stop buying Russian oil and gas. And if we just take a look at a 12 day chart, or a 16 day chart, take a look at the action that you're seeing with these energy stocks. By the way, the ones that you're seeing in red are companies that have had investments in Russia that have exited their investments in Russia or they have investments there. Brian?

BRIAN SOZZI: Ines Ferre, thanks so much.