The rise of gold and palladium with the intensification of sanctions against Russia

The price of palladium jumped about six percent today (Monday) after concerns about the supply of the metal used in the auto industry increased with the West imposing 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. , according to the Reuters news agency.

The price of palladium rose 5.8 percent to $ 2503.41 by 06:05 GMT, 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 the day before yesterday (Saturday) to prevent certain Russian banks from entering the SWIFT global system for interbank financial payments; Which, traders and analysts say, may disrupt Russia’s exports of all primary 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.

The price of silver in spot transactions rose 0.6 percent to $ 24.34 an ounce, and the price of platinum increased 0.5 percent to $ 1059.26 an ounce, and the two metals are on their way to achieving monthly gains.


Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.