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The price of gold has surpassed $ 2,000 for the first time since 2020, with many investors rushing to the precious metal as a safe haven amid escalating Ukrainian crises, while fears of supply disruptions are driving palladium to historical high.
The spot price of gold was at $ 1,990.20 per ounce, up 1.1% at 10.51 Greek time on Monday, while earlier it reached the highest levels since August 19, 2020, at $ 2,000.69 per ounce. US gold futures are up 1.4% at $ 1,993.30 an ounce.
OANDA senior analyst Jeffrey Halley estimated, according to Bloomberg, that gold will “stick” for a period of close to $ 2,000, but in case the war fever in Ukraine does not subside, it will soon move to territories of $ 2,100.
Palladium, meanwhile, jumped 8.7 percent to $ 3,263.25 an ounce on its fastest day since March 2020, hitting a record high of $ 3,315 an ounce.
Russia accounts for 40% of world production of the metal, which is widely used by automakers in catalysts to control pollutants.