Palladium And Gold Jump on The Ukrainian Crisis

Palladium jumped on Tuesday on concerns that Western sanctions against Russia over its invasion of Ukraine could damage supplies, as the conflict also sent safe-haven gold prices higher.

By 1043 GMT, palladium rose 3.6 percent to $2,577.38. It had reached its highest level since July 2021 at $2,711.18 last week.

Russia is the largest producer of palladium, and Moscow-based Nornickel’s production accounted for 40 percent of global mining production of the metal last year.

And gold rose in immediate transactions 0.7 percent to $ 1,921.90 an ounce. And US gold futures rose 1.2 percent to $ 1923.30.

Gold, considered a safe store of value during political and financial uncertainty, rose 6.5 percent in February and hit an 18-month high of $173.96 last week.

For other precious metals, silver rose in spot transactions 0.8 percent to $24.62 an ounce, while platinum rose 1.2 percent to $1,055.50.