(Updates prices, adds details) * Palladium, platinum on track for 3rd monthly gain * Gold eyes best month since May 2021 * Silver up about 8% so far in Feb * Goldman sees commodities rally on Russia-Ukraine crisis By Asha Sistla Feb 28 (Reuters) - Palladium jumped over 7% on Monday as fresh Western sanctions on Russia raised supply concerns for the auto-catalyst, while gold rose about 2% after President Vladimir Putin put the country's nuclear deterrent on high alert. Palladium gained 4.9% to $2,483.19 by 0913 GMT, having scaled a session high of $2,551.50, and was set for a third consecutive monthly rise. The United States and its allies on Saturday moved to block certain Russian banks' access to the SWIFT international payment system, which traders and analysts said could disrupt Russian exports of all commodities from oil and metals to grains. "There's just real concern here that shipping channels are just going to get disrupted because of this Ukraine situation," said Stephen Innes, managing partner at SPI Asset Management. "It's not necessarily the short-run spike that really weighs negatively but more of the how long this is going to last." Russia's Nornickel is the world's largest supplier of palladium, used by automakers for catalytic converters. Spot gold rose 0.6% to $1,898.83 per ounce, after gaining as much as 2.2% earlier in the session. U.S. gold futures advanced 0.7% to $1,900.80. Gold has risen about 6% so far this month in what would be its best monthly gain since May 2021, after prices soared to an 18-month high of $1,973.96 last week. "Gold is bid on the increasingly strident outpourings from Moscow and concerns that Russian interference won't be confined to Ukraine," said Nicholas Frappell, a global general manager at ABC Bullion. Gold is often used as a means of preserving wealth during times of financial and political uncertainty. Goldman sees a commodities rally on the Russia-Ukraine crisis, which the Wall Street bank said reinforces their conviction in higher gold prices in the next few months. Spot silver rose 0.5% to $24.30 per ounce and platinum was up 0.6% to $1,060.18, with both poised for monthly gains. (Reporting by Asha Sistla in Bengaluru; Additional reporting by Swati Verma, Editing by Subhranshu Sahu and Krishna Chandra Eluri)
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Price
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5d. change
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Capi.
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1,366 PTS | -0.87% | -0.59% | - | ||
915.3 USD | -3.48% | -5.67% | - | ||
277 PTS | +0.81% | +1.41% | - | ||
90.4 RUB | 0.00% | -1.33% | - | ||
285.6 PTS | -0.91% | -0.39% | - | ||
445.8 USc | -0.67% | -3.93% | - | ||
679.8 USc | -0.18% | -2.61% | - | ||
427.8 PTS | -0.42% | -2.92% | - | ||
1.89 USD | -.--% | -80.29% | 28.28B | ||
1,034 USD | 0.00% | +1.39% | - | ||
1,486 PTS | -2.93% | +0.30% | - | ||
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