INSUBCONTINENT EXCLUSIVE:
Precious metals jumped, with palladium and gold leading the chargePrecious metals jumped on Tuesday, with palladium and gold leading the
charge, as traders remain squarely focused on the Ukraine crisis after Western countries had slapped Russia with the harsh sanctions.Supply
concerns from the enhanced sanctions on Russia pushed up prices of palladium, which are used by automakers for catalytic converters to curb
emissions.Palladium rose over 3.5%, while the sense that the war and higher energy prices could slow the interconnected global economy
helped gold.A Russian based firm accounts for about 40 per cent of palladium's global mine production, as per data from last year and that
has weighed on supply concerns."We're seeing the sanctions starting to bite," disrupting shipments and driving palladium's gains, Saxo
However, we believe that the sanctions and associated restrictions will make it difficult to charter planes to export materials," noted,
gold futures up over 1 per cent.The sanctions are likely to spur the Bank of Russia to buy gold again
Bank of Russia announced that it will start buying gold again, nearly two years after it had ended a long run of purchases.Additionally,
gold will also get a boost from higher inflation trade as the yellow metal is usually considered as a hedge against inflation, and in times
of an economic or political turmoil.
