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Iran Affecting Diamond & Jewelry Prices.
Commodities prices roared to new peaks on Tuesday as fund buying restarted, triggered by fears over the nuclear stand-off in Iran and the impact of surging economic growth in China, investors said.
The oil market hit a new record peak, taking key industrial metals prices with it and propelling precious metals to their highest since the early 1980s.
"The fundamental factors are the intensifying of the political situation in the Mideast Gulf and the Chinese GDP figures, which got everyone back to thinking China is eating up global natural resources," a fund manager said.
China's economy is on course for growth of at least nine percent this year signalling accelerating imports of energy and raw materials.
Fears about Iran's row with the West over the country's nuclear program sparked oil's latest rise.
IPE Brent crude set a fresh high of $72.20 per barrel before falling to $72.03 at 0847 GMT.
Brent has rallied from below $60 in December, buoyed by a fresh flow of fund investment amid mounting concern over Iran and the possibility of U.S. military action against the world's fourth largest oil producer.
"If we look forward it's continued economic growth and a potentially disastrous situation in the Mideast Gulf," the fund source said.
Most commodity indexes, which between them have attracted around $80 billion of speculative investment into the markets, are weighted heavily towards oil.
Fasten Your seatbelts!
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