Escalating violence in the Middle East and North Africa has prompted a surge in oil and gold prices.
This mirrors metals and food prices which rose around the world this week.
Libya, the latest Middle Eastern country embroiled in anti-Government protests, is a member of the Organisation of Petroleum Exporting Countries and concerns have been raised about oil supplies, and whether other Opec countries will take up any slack in supply.
The Libyan uprising is the latest of a series of revolts which have spread across the Arab world since December, threatening entrenched dynasties from Bahrain to Yemen.
UK Brent oil prices per barrel hit a two-year high of $US107 yesterday, up 5.3%, while spot price gold on the New York Comex exchange is up more than 4% during the past seven days, from $US1353 to $US1409 yesterday.
Craigs Investment partners broker Peter McIntyre said ''all commodities across the board; metals and food'' were all up around the world as the situation in Libya appeared to worsen yesterday.
''There appears to be have been some profit taking from [rising] equities and then banking it back into gold, as the Middle East plays itself out,'' Mr McIntyre said.
''Everything from A to Z [aluminium to zinc] is up,'' Mr McIntyre said.
The New Zealand dollar was also down against the pound sterling, Australian and US dollars and yen, as investors moved from riskier currencies to home.
Some of that weakness may have been accentuated by the earthquakes which struck Christchurch yesterday.
