Answer Posted / Janpriya Gaur

Oil and petrol are commodities that are primarily traded on global markets. Their prices can have an impact on the cost of goods and services, affecting consumer spending and inflation. Gold is also a valuable commodity, but it serves as a hedge against inflation due to its limited supply and high demand. The dollar is the world's primary reserve currency, and fluctuations in its value can influence global trade and commodity prices. Inflation refers to an increase in the general level of prices for goods and services over time, which can be influenced by factors such as changes in commodity prices, interest rates, government policies, and overall economic conditions.

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