INSUBCONTINENT EXCLUSIVE:
Gold, palladium Jump on supply fears and flight to safety betsGold prices hit a fundamental level, while palladium prices jumped to a record
high on Monday as intensifying Russia-Ukraine conflict and the response of Western countries has fueled tight supply of certain precious
metals and has pushed investors towards safe-haven assets.While rising domestic gold prices had put off buyers in top Asian hubs last week
and Hong Kong's COVID-19 curbs further dampened appetite, investors were on the sidelines with a close eye on the Russia-Ukraine
conflict.Spot gold was up 1.5 per cent to $1,998.37 per ounce after scaling to its highest level since September 2020 of $2,000.69 earlier
on Monday, while United States gold futures rose 1.7 per cent to $2,000.20.Holding of the world's largest gold-backed exchange-traded
fund, SPDR Gold Trust, rose 0.4 per cent to 1,054.3 tonnes on Friday - their highest since mid-March 2021."Gold trades higher supported by
safe-haven buying amid increasing Russia-Ukraine tensions
Rising crude oil and commodity prices have also added to inflation concerns
Gold may continue to trade higher unless risk sentiment improves significantly," said Ravindra Rao, Head of Commodity Research at Kotak
on Monday, after the news a US and European ban on Russian oil imports is being considered and delays in Iranian talks fueled supply
many movers last week, nickel rose 19%, aluminium 15%, zinc 12%, and copper 8%, while wheat futures surged 60% and corn 15%."If the West
cuts off most of Russia's energy exports, it would be a major shock to global markets," Ethan Harris, chief economist at Bank of America,
catalytic converters to curb emissions, supply concerns have pushed palladium prices.Palladium jumped to a record high of $3,172.22 earlier
It was last trading over 5.5 per cent at $3,172.19 per ounce.Spot silver gained 1.7 per cent to $26.09 per ounce, while platinum jumped 2.3
per cent to $1,147.19."Gold and silver showed solid strength last week amid an intensifying war between Russia-Ukraine
Major risk aversion due to war supported safe-haven buying of precious metals
Despite strength in the dollar index, gold and silver gained last week," said Rahul Kalantri, Vice President Commodities at Mehta
Equities."Any dip in the prices would be buying opportunity in precious metals," he added.
