August 10, 2022

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Rise of gold and palladium by intensifying sanctions against Russia

Rise of gold and palladium by intensifying sanctions against Russia

The price of palladium rose by about 6 percent today (Monday) amid concerns over the supply of metal used in the automobile industry by Western nations imposing new sanctions on Russia. According to the Reuters news agency, Putin issued a nuclear deterrence warning.

Palladium rose 5.8 percent to $ 2503.41 at 06:05 GMT, up from $ 2711.18 last week after July 2021, recording monthly gains for the third consecutive month.

The United States and its allies blocked some Russian banks from entering the SWIFT Global Organization for Interbank Financial Payments the day before yesterday (Saturday); This, traders and analysts say, could 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 rose 1.1 percent to $ 1,909.16 an ounce, up 6 percent so far this month, and may be the highest monthly performance since May 2021.

US gold futures rose 1.1 percent to $ 1,909 an ounce.

On the spot, silver rose 0.6 percent to $ 24.34 an ounce, while platinum rose 0.5 percent to $ 1059.26 an ounce, and both metals are on track to make monthly gains.

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