Historically high for copper and palladium – ‘Jump’ 4% gold per week

Rally on metals on Friday, with gold expanding profits and palladium and copper hitting historic highs as concerns about the situation in Ukraine escalate following the capture – by Russian forces – of Europe’s largest nuclear power plant. in Zaporizhia.

The attack on the nuclear power plant raises fears that the Russian invasion of Ukraine is taking a more dangerous turn for Eastern Europe as a whole.

“Gold is clearly moving upwards, boosted by news coming from Ukraine and looking at developments in the coming weeks,” Jeff Wright, head of investment at Wolfpack Capital, told MarketWatch.

“Gold prices could rise above $ 2,000 or fall sharply – if there was a real settlement to the Russia-Ukraine conflict, a development that seems increasingly unlikely with each passing day,” he said.

In particular, o gold April delivery added $ 30.70, or 1.6%, to $ 1,966.60 an ounce. The precious metal recorded a weekly increase of 4.2%, which was the largest on a 5-day basis since July 2020, according to Dow Jones Market Data.

The silver May delivery rose 58 cents, or 2.3 percent, to $ 25,789 an ounce. During the week it strengthened by 7.5%, the biggest 5-day increase since December 2020.

The May delivery contract for copper gained 3.3% with a price of $ 4,938 per pound and the palladium delivery in June rose 9.2% to $ 2,981.90 an ounce.

Both metals closed in historically high. During the week, copper recorded a rally of 10.1% and palladium of 26.1%. Risks for supply due to the war in Ukraine pushed both palladium and copper to a record, as Russia is one of the largest producers of these metals in the world.

Finally, the platinum April rose 3.3% to $ 1,116.80 an ounce, up 6.4% on the week.

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