Tensions between Russia and the West over Moscow’s support for separatist fighters in Ukraine has led to several rounds of economic sanctions. Some investors worry that access to Russia’s palladium output, which accounts for about 40% of global supply, could be disrupted by further trading curbs.
On Monday, European Union officials began a two-day meeting in Brussels to discuss economic sanctions that would restrict Russian access to European capital markets and prohibit exports of militarily sensitive goods, energy-sector technology and arms to Russia, the Wall Street Journal reported.
The move comes after a Malaysian Airline passenger jet was shot down at the Ukraine-Russia border earlier this month, killing almost 300 people.
Some investors worry that Moscow could retaliate against the West by halting its palladium exports.
At $877.00, the price of US palladium bar finished the market day up 0.9 percent per ounce. Chinese palladium bar gained 0.5 percent to finish at CNY 193.00 ($31.17) per gram. For the fifth consecutive day, the price of Japanese palladium bar held flat at JPY 2,875 ($28.25) per gram.
Weakening prices ended a three-day flat streak as the price of Japanese silver fell 2.2 percent on Monday, July 28 to JPY 664.00 ($6.53) per 10 grams. The price of Indian silver rose 1.1 percent to INR 45,214 ($752.88) per kilogram after a two-day drop. US silver prices saw a 0.8 percent decline to $20.75 per ounce. Following a two-day drop, the price of Chinese silver increased by 0.6 percent to CNY 4,315 ($696.77) per kilogram.
The price of Indian gold bullion is back up, rising by 1.0 percent yesterday to close at INR 28,040 ($466.91) per 10 grams. Following a 0.8 percent rise on Monday, the price of Chinese gold bullion closed at CNY 259.69 ($41.93) per gram. Japanese gold bullion ended the day at JPY 4,235 ($41.62) per gram, after the 0.5 percent drop on Monday. US gold bullion finished the day up 0.3 percent to $1,308 per ounce.
Japanese platinum bar prices saw a 0.8 percent decline to JPY 4,807 ($47.24) per gram. The price of Chinese platinum bar rose 0.3 percent to CNY 312.00 ($50.38) per gram after a two-day drop. US platinum bar ended the day at $1,474 per ounce, after the 0.2 percent drop on Monday.