Bloomberg, the economic agency, reported that prices have reached Palladium used in the gold and jewelry industry, to an all-time high, due to fears that Russia’s exports might be hampered; Which is one of the major producers of the metal, as a result of the sanctions imposed on the state, following the launch of its military operation once morest Ukraine.
Russia accounts for 40% of all palladium production
Russia accounts for 40 percent of all production of the palladium metal often used in catalytic converters in gasoline-powered cars, so miners such as MMC Norilsk Nickel are looking at alternative routes to send supplies to customers, a source familiar with the matter said. Last week, he told Bloomberg.
The spot price of palladium jumped by 5.3%, to reach $3,169.46 per ounce, and the metal was traded at $3,159.08, and prices rose by regarding 66% this year.
Highest level of gold
The Comex Stock Exchange monitored an increase in the price of gold future contracts for April delivery by regarding 2%, to reach $ 2005.2 an ounce, the highest level that the yellow metal has reached since August 2020.
Buyers of palladium are concerned following the airspace in Europe is closed to aircraft from Russia, which is carried all the time on passenger planes.
Giovanni Staunovo, major commodities analyst at UBS’s wealth management unit, said the airspace closure was hampering Russia’s palladium exports.
