Palladium scales record high, gold hits $2,000 on Russia-Ukraine war

FUNDAMENTALS


* Palladium gained 5.7% to $3,172.19 per ounce, as of 0158 GMT, after hitting an all-time high at $3,172.22 earlier in the session.

* Russia accounts for 40% of global production of the auto-catalyst metal, used by automakers in catalytic converters to curb emissions.

* Fighting stopped about 200,000 people from evacuating the besieged Ukrainian city of Mariupol for a second day in a row on Sunday, as Russian President Vladimir Putin vowed to press ahead with his invasion unless Kyiv surrendered.

* Netflix, a global streaming entertainment service, top accounting firms KPMG and PwC and financial services firm American Express on Sunday cut ties with Russia as that country’s conflict with Ukraine escalated.

* Ukraine will ask the United Nations’ top court on Monday to issue an emergency ruling requiring Russia to stop its invasion, arguing that Moscow’s justification for the attack is based on a faulty interpretation of genocide law.

* Spot gold was up 1.5% to $1,998.37 per ounce, after scaling a 1-1/2-year peak of $2,000.69 earlier. U.S. gold futures rose 1.7% to $2,000.20.

* Holding of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.4% to 1,054.3 tonnes on Friday – their highest since mid-March 2021.

* Rising domestic gold prices put off buyers in top Asian hubs last week as others waited on the sidelines with a close eye on the Russia-Ukraine conflict, while Hong Kong’s COVID-19 curbs further dampened appetite.

* Spot silver gained 1.7% to $26.09 per ounce, while platinum jumped 2.3% to $1,147.19.