On Thursday, palladium rose to seven-month highs as supply worries became much more serious after Russia launched an invasion of Ukraine by land, air, and sea. Palladium climbed 5.7% to $2,622.43 per ounce on market worries about a potential tightening in supply.
The silvery-white metal is used in catalytic converters and hydrogen fuel cells. Approximately 44% of the world’s palladium supplies come from Russia, and another 40% comes from South Africa. The metal is expected to benefit from the escalating geopolitical situation and could be used as a hedge against the anticipated pricing pressures in commodities such as oil and gas.
