Which of the following is an example of a hard commodity?

Hard commodities are typically natural resources that are mined or extracted, such as metals and minerals. Gold is a prime example of a hard commodity as it is a precious metal that is mined from the earth and is traded on commodity markets. It is characterized by its inherent value, which is recognized worldwide, making it a significant asset in trading and investment.

On the other hand, the other options listed are classified as soft commodities. Wheat, coffee, and cotton are agricultural products that are grown rather than mined. Soft commodities are often subject to seasonal variations in supply and price changes due to weather conditions and market demand, which distinguishes them from the stable and intrinsic value associated with hard commodities like gold. Thus, gold stands out as the correct answer when identifying an example of a hard commodity.