Antonina Levashenko, Head of the International Best Practices Analysis Department at the Gaidar Institute, told RIA Novosti how global prices for major metals have changed since the beginning of the 21st century and why gold has emerged as the clear leader in terms of price growth.
According to World Bank, from the end of the 20th century to the end of 2025, the price of gold increased approximately 12-fold. By comparison, copper rose in price nearly six-fold during this period, iron ore more than three-fold, nickel 1.7-fold, and aluminum 1.6-fold.
According to Antonina Levashenko, such a significant rise in metal prices is linked to several factors at once. These include the general rise in global prices, increased costs of mining and processing raw materials, higher prices for energy resources and equipment, fluctuations in the dollar exchange rate, and the impact of global financial crises. Changes in global supply and demand in the commodities markets also played a significant role.
If we compare prices for major metals at the beginning of the 21st century and at the end of 2025, the most notable increase was in the price of gold—it rose approximately 12-fold over this period. Several factors simultaneously influenced price dynamics: rising global costs, changes in the energy market, financial crises, and fluctuations in demand for commodities. Today, metal prices depend increasingly not only on industrial demand but also on the global economic situation,” noted Antonina Levashenko.