By Asha Sistla
(Reuters) - Palladium prices jumped 5% on Monday to a more than two-week high propelled by supply concerns following the suspension of trading of the metal from Russia, while gold was buoyed by inflation jitters amid the war in Ukraine.
Palladium XPD= climbed 4.5% to $2,534.40 per ounce by 1007 GMT, having earlier hit a peak since March 24 at $2,550.58. Platinum XPT= rose 1.7% to $991.14.
London Platinum and Palladium Market on Friday said it would suspend both Russian refiners on its list, JSC Krastsvetmet and the Prioksky Plant of Non-Ferrous Metals, from trading in London, the metals' biggest trade hub. (Full Story)
"The suspension of the Russian refiners certainly increases the concerns among market participants that the palladium market will be severely undersupplied going forward," said Commerzbank analyst Daniel Briesemann.
Elsewhere, spot gold XAU= rose 0.6% to $1,958.20 per ounce, after hitting a more than two-week high of $1,958.96. U.S. gold futures GCv1 were 0.8% higher at $1,961.70.
"The war is continuing and without a clear solution and it's becoming evident it's becoming a long term matter," said Carlo Alberto De Casa, an external market analyst at Kinesis, adding the March U.S. consumer price report could be an important catalyst for gold, which often viewed as an inflation hedge.
U.S. consumer price index data for March is due on Tuesday, with traders expecting further rises due to the impact of the war in Ukraine on energy costs.
The Russian invasion of Ukraine has left a trail of death and destruction that has drawn condemnation from Western countries and prompted increasing sanctions on Moscow, including embargoes on its energy exports. (Full Story)
"The recovery above the key level of $1,950 for gold and $25 for silver are two strong signals from a technical point of view."
The dollar index =USD eased 0.2% also making the bullion less expensive for holders of other currencies.
Spot silver XAG= rose 1.2% to $25.03 per ounce.
(Reporting by Asha Sistla in Bengaluru; Editing by Subhranshu Sahu and Sherry Jacob-Phillips)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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