Palladium hits record high for second day in row

Tuesday, 19. March 2019 07:37

Precious metals rose on Tuesday as stocks in Asia-Pacific mostly pulled back after rallying in the previous session. Palladium outperformed and touched an all-time peak at $1,586.6 per ounce at 7:35 am CET after yesterday's record. The Ministry of Industry and Trade in Moscow has said last week that it is considering a six-month export ban for scrap and tailings of precious metals. Russia is the biggest supplier of palladium and global demand has exceeded output growth for the last seven years.

Investors opted for the relative safety of the asset class, which held in the green for the third consecutive day with concern about Brexit. Several Conservative Party members reportedly told the United Kingdom's Prime Minister Theresa May to make concrete plans for her departure if she wanted to persuade them to vote for her agreement with the European Union. Earlier, she suffered another defeat in Parliament.

Gold rose 0.26% to $1,306.89. Silver was 0.18% higher at $15.38 for one troy ounce. Palladium's sister metal platinum strengthened 0.39% to $839.52 per ounce.

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