Palladium tops $3,000/oz as supply fears grow, gold jumps over 1%

Palladium prices on Friday rose above $3,000 per ounce for the first time since May 2021 as concerns over supply shortages from top producer Russia mounted, and the war in Ukraine bolstered demand for safe-haven gold.

Spot palladium jumped as much as 8.4% to $3,008.74 per ounce in the session and was up 7.6% at $2,985.54 by 02:30 p.m. ET (1930 GMT).

Russia accounts for 40% of global production of the auto-catalyst metal, which was headed for a 25% rise this week, its best performance since late March 2020.

Spot gold prices jumped 1.6% to $1,965.97 per ounce and were up about 4% for the week so far. U.S. gold futures settled 1.6% higher at $1,966.60.

Stocks on Wall Street fell as concerns over the conflict in Ukraine overshadowed strong U.S. jobs growth last month.

Spot silver rose 2% to $25.67, and was set for a fifth consecutive weekly gain. Platinum gained 3.4% to $1,117.06.