Gold prices rose today, Monday, at the beginning of the week’s trading, by about 25 dollars, to rise to the record level of 1914 dollars, after fears increased, after Russian President Vladimir Putin put the Russian nuclear deterrent on high alert.
Palladium jumped about 6% as new Western sanctions against Russia increased and concerns over the supply of the automatic catalyst.
Last Saturday, the United States and its allies acted; To prevent some Russian banks from accessing the international SWIFT system of payment, which investors see as potentially disrupting Russian exports of all goods from oil and minerals to grain.
Gold prices today
The price of gold futures contracts – April delivery – increased by 0.66%; equivalent to $ 12.40, to reach the level of 1900 dollars an ounce.
The spot price for the yellow metal rose by 1.3%, to reach $1914.21 an ounce, up by 6% so far this month, and is heading for the best monthly gain since May 2021.
At the same time, the price of silver futures contracts – May delivery – increased by more than 1.16%, recording $24.40 an ounce.
While the spot platinum price rose by 0.33% at $1058.21 an ounce, while the spot palladium price jumped by 5.66%, to record $2487.06 an ounce.
Russian crisis
“Gold is a symptom of the increasingly sharp inflows from Moscow and concerns that Russian interference will not be limited to Ukraine,” said Nicholas Frabel, global general manager at ABC Bolton.
Gold is often used as a hedge against inflation and as a way to preserve wealth in times of financial and political uncertainty.
Goldman Sachs expects higher prices for commodities, of which Russia is a major producer, and raised its expectations for short-term Brent crude as the West escalates political and economic sanctions on Moscow.
Palladium prices
Palladium jumped to its highest level since July 2021 at $2,711.18 last week, and was set to rise monthly for the third time in a row.
“There is a real concern that shipping channels will be disrupted due to the situation in Ukraine,” said Stephen Innes, managing partner of SBI Asset Management.
“It is not necessarily the short-term rise in palladium and metal prices that negatively affects the fact, but more than how long this will take,” he added.
Russia’s Nornickel is the world’s largest supplier of palladium, which automakers use in catalytic converters.
Source: XglobalMarkets
