Gold climbs on safety rush, supply threat bolsters palladium price
Gold prices rose by as much as 1% on Thursday to trade near record highs as safe-haven demand from persistent geopolitical concerns bolstered prices, while palladium saw an 8% surge on concerns of supply sanctions on top-producer Russia.
Spot gold was up 0.6% at $2,732.39 per ounce by 9:55 a.m. ET (1355 GMT), having retreated from a record high of $2,758.37 on Wednesday. U.S. gold futures were also 0.6% higher at $2,744.80.
Expectations of further monetary policy easing by central banks and gold's historical reputation as a hedge against economic and political uncertainty have boosted prices over 33% so far this year, hitting multiple record peaks along the way.
Elsewhere, the United States asked the Group of Seven allies to consider sanctions on Russian palladium and titanium, Bloomberg News reported.
Palladium jumped 6.8% to $1,129.50, having surged as much as 9.4% to its highest level since December 2023.
Spot silver firmed 0.4% to $33.85, having hit its highest since late 2012 on Oct. 22. Platinum rose 1.8% to $1,034.35.
Source: Reuters
