Palladium prices jumped 5 percent on Monday to its highest level in more than two weeks, driven by supply concerns following trading of the metal was suspended from Russia, while gold prices increased due to inflation tension caused by the war in Ukraine.
Palladium rose 4.5 percent to $ 2534.40 an ounce by 10:07 GMT, following earlier reaching its highest level since March 24 at $ 2550.58. Platinum also rose 1.7 percent to $991.14.
“The suspension…certainly increases fears…that the palladium market will experience severe shortages in the future,” said Commerzbank analyst Daniel Pressman.
And gold rose in spot transactions 0.6 percent to 1958.20 dollars an ounce, following hitting its highest level in more than two weeks at 1958.96 dollars. US gold futures rose 0.8 percent to $1,61.70.
The dollar index fell 0.2 percent, making bullion less expensive for holders of other currencies.
And the price of silver in spot transactions rose 1.2 percent to $ 25.03 an ounce.
