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The price of palladium jumped about 6 percent on Monday after concerns about supplies of the metal used in the auto industry increased as the West imposed new sanctions on Russia, and the price of gold rose by more than one percent after Russian President Vladimir Putin put the nuclear deterrent on alert.
The price of palladium jumped 5.8 percent to $ 2503.41, after hitting its highest level since July 2021 at $ 2711.18 last week, and is about to record monthly gains for the third consecutive month.
The United States and its allies moved on Saturday to block certain Russian banks from accessing SWIFT’s global system of interbank payments, which traders and analysts say could disrupt Russia’s exports of all commodities from oil to grain.
Russia’s Nornickel is the world’s largest supplier of palladium.
Spot gold prices rose 1.1 percent to $1,909.16 an ounce, up about 6 percent so far this month, in what could become the highest monthly performance since May 2021.
US gold futures rose 1.1 percent to $1,909 an ounce.
And the silver price in spot transactions rose 0.6 percent to $ 24.34 an ounce, and the platinum price rose 0.5 percent to $ 1059.26 an ounce, and the two metals are on their way to achieving monthly gains.
