The precious metal’s latest rise, following a 8.7% surge on Friday, comes after the invasion of Ukraine and the sanctions that followed saw prices soar to a record last month. Russia produces about 40% of freshly mined palladium, which is mostly used in catalytic converters for gasoline-powered vehicles.Krastsvetmet and Prioksky Plant of Non-Ferrous Metals from its goods delivery and sponge accreditation lists.
“Palladium supply was already under significant pressure as a result of strong vehicle sector demand and inventory concerns related to the Russia-Ukraine conflict,” said Gavin Wendt, senior resource analyst at MineLife Pty. “The latest suspension of Russian refiner output will further exacerbate market concerns and fuel even more price upside.”
In other precious metals trading, gold held an advance as investors sought a store of value amid the concerns over the economic fallout from the war in Europe and the inflation pressures from commodity-market disruptions. Still, rising 10-year Treasury yields are weighing on non-interest bearing bullion.that the U.S. will avoid a recession as the central bank tightens policy, though the inflation rate will probably remain at more than 2% into next year.
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