Gold surges up to a three-week high as it is considered as safe-haven by investors in lieu of the tension in Ukraine. Another metal that has reached its highest level since August 2011 is Palladium. The yellow metal advanced by as much as 0.4 % to trade at $1,313.66 an ounce. On May 5, Gold climbed to $1,315.68 an ounce, which is the highest since April 15.
And for the year, Gold has seen a rally of 9.2 %. Even though the Federal Reserve reduced their monthly bond-buying, the positive support was drawn to the metal from the rising conflict between Russia and Ukraine. In China, the world’s largest consumer of Gold, volumes for the benchmark spot gold contract in Shanghai moved up for a second day on May 6.
Palladium for immediate delivery moved down by 0.3 % to $816.25 an ounce. The metal slipped due to the apprehension that supplies from Russia, the biggest producer, may be disturbed on behalf of U.S. sanctions.
Platinum traded at $1,454.10 an ounce. The second-largest producer of the metal, Impala Platinum Holdings Ltd., projected a 60 % cut in the deliveries in three to four months if a 14-week-old pay strike persist to paralyze the mining activity in South African mines. Silver advanced by a 0.5 % to trade at $19.6974 an ounce.
