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Palladium continues to rise as concerns about Russia's supply grow, and gold is down
Palladium continued to rise for the third consecutive session Wednesday, March 2 after sanctions imposed on Russia over its invasion of Ukraine exacerbated supply concerns, while gold fell as US bond yields and the dollar rose.
By 10:28 GMT, palladium rose by about 1%, recording $2,604.61, after rising on Tuesday to its highest level since July, recording $2,722.79.
Car manufacturers use palladium in converters to curb harmful emissions.
Western countries have escalated sanctions against Russia, which produces about 40% of the world's palladium, and these sanctions included the exclusion of some Russian banks from the global payments system Swift.
The US dollar index reached its highest level since May 2020, which led to a slight decline in gold as it made the yellow metal more expensive for buyers abroad.
The US 10-year bond yields also rose, prompting some investors to refrain from holding gold, which does not yield a return.
Spot gold fell 1% to $1,924.00 an ounce and US gold futures fell 0.4% to $1,935.60 an ounce.
As for other metals, silver fell in spot transactions by 1.6 percent to $24.97 an ounce, while platinum rose 0.9 percent to $1062.74 an ounce.
