Palladium Hits 11-month High on Russian Sanction Worries

Forbes reported that palladium rose to its highest price in 11 months on the back of concerns that sanctions on Russia could disrupt the country’s exports of the precious metal.

Nicholas Brooks, head of research at ETF Securities, said sanctions are likely to be put in place “if the situation in the Ukraine deteriorates from where we are today.”

As quoted in the market news:

As of 8:57 a.m. a.m. EST, most-active June palladium was up $14.20, or 1.9%, to $778 an ounce on the New York Mercantile Exchange. The metal rose 4.5% so far this week. On a futures spot continuation chart, palladium was as high as $783 an ounce, a level not seen since last April. MKS (Switzerland) SA said the metal this week broke above a downtrend line that previously held six times since August 2011.

Click here to read the full Forbes report.