The metals market continues to experience the impacts of the Russian-Ukrainian conflict and on Friday, the prices of gold and palladium soared, find out how this situation will affect your savings.
During the day on Thursday, the stock markets opened lower due to the start of Russia’s attacks on Ukraine, which also triggered the price of oil that exceeded $100 dollars per barrel.
But several economic sectors have been affected by this armed conflict, and metals is no exception, during this Friday, gold gained 0.3% to settle at $1,908,53 dollars and is heading for a fourth consecutive rise in the week.
Volatile session
Y is that on Thursday, which was volatile, gold registered a rise of 3%, to settle at $1,973,96 dollars per ounce, the highest price d and the last 18 months.
The volatility in gold prices will undoubtedly affect the prices of jewelry containing this element, so for people who plan to buy any gold object, they should be prepared for an increase in price.
“We have to expect volatility in the precious metals market (…) At this time, geopolitical tensions outweigh economic issues,” said Ross Norman, an independent analyst, according to what was published by the Reuters agency.
The price of palladium rises
Another of the metals that is registering an increase due to the invasion of Ukraine is palladium, which in this day on Friday, it increased its price by 3% to stand at $2,474,68 dollars and the worst thing is that its trend continues to rise, which would represent its third increase so far this week.
During Thursday, during the volatile session it reached $2,711,18 dollars, which was your highest level from July of
The use of palladium
And it is that the nervousness of investors grew, because Russia is one of the main producers of palladium and they feared that President Vladimir Putin would order the supply of the metal to be cut off.
The increase in the price of palladium could have strong repercussions on the price of some products that consumers buy.
Since palladium has different uses, as in the automotive industry, since it is one of the fundamental components in catalytic converters.
In addition, palladium is also used in aircraft spark plugs, and in electrical contacts that is in houses, offices and in every place where there are electrical installations.
But its use is also transferred to jewelry, watchmaking and medicine as well as dentistry, in the production of surgical instruments and in test strips used to measure blood sugar levels.
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