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NEW YORK (CNNMoney.com) -- Commodity prices are surging across the board as the U.S. dollar remains under pressure from building speculation that the Federal Reserve is about to take action to aid the stumbling economy.
Oil and gold prices have been on a tear this month. After jumping 1.5% last week, crude prices spiked more than 1% again Wednesday. And gold continued it's record-breaking streak, surging nearly 2% to settle at a new record high of $1,370.50 an ounce.
Meanwhile, the Reuters-Jefferies CRB index, a key benchmark for global commodities, surged to its highest level since 2008.
Grains and soft commodities like corn, sugar, cocoa, coffee and cotton were also in the thick of the buying frenzy, with prices continuing to hover at yearly highs. (Track commodity prices)
"I really haven't seen prices like this since the early 1980s," said Dan Flynn, an energy trader at PFG Best. "A real cause and effect is trickling down into the markets based on low supply, high demand and a weaker dollar."
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