BASFY - Palladium price spikes as Russia sanctions mount; gold gains on safe-haven trade

Palladium pops as much as 8% as supplies from top producer Russia face increased risk of disruption as the Russia-Ukraine conflict escalates, while gold jumps en route to its best month since last May on strong safe-haven demand. Nymex June palladium (XPDUSD:CUR) +5.1% to $2,486/oz, after touching as high as $2,551.50, while Comex April gold (XAUUSD:CUR) +1.6% to $1,918.10/oz, after slipping 0.6% last week for the first weekly loss in about a month. ETFs: PALL, SPPP, GLD, IAU, NUGT, PHYS, GDX Russia's Norilsk Nickel (OTCPK:NILSY -38.7%) is the world's largest supplier of palladium, used by automakers for catalytic converters; with most of Europe's airspace now closed to flights from Russia, Nornickel and other miners are examining alternative routes to supply customers, Bloomberg reports, also noting that key consumers of Russian palladium include BASF (OTCQX:BASFY -4.0%). Meanwhile, the Russian central bank said on Sunday it would resume its gold purchases on

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Palladium price spikes as Russia sanctions mount; gold gains on safe-haven trade