Palladium jumps 5pc on supply fears, inflation risks lift gold

LONDON, Apr 11 (Reuters): Palladium prices jumped 5 per cent on Monday to a more than two-week high propelled by supply concerns following a recent ban on trading of the metal sourced from Russia in the London hub.

Safe-haven gold, meanwhile, advanced 1 per cent on inflation jitters amid the war in Ukraine.

Palladium climbed 4.1 per cent to $2,526.19 per ounce by 1218 GMT, having earlier hit a peak since March 24 at $2,550.58. Platinum rose 0.8 per cent to $983.22.

Newly refined Russian platinum and palladium was suspended from trading in London from Friday, denying access to the metals' biggest trade hub because of the conflict in Ukraine.

Spot gold rose 0.8 per cent to $1,962.21 per ounce, after hitting a more than two-week high of $1,958.96. US gold futures were 1.1 per cent higher at $1,967.30.

"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.