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Palladium prices jumped 5% on Monday to a more than two-week high propelled by supply concerns following a recent ban on trading of the metal sourced from Russia in the London hub.

Safe-haven gold, meanwhile, advanced 1% on inflation jitters amid the war in Ukraine.

Palladium climbed 4.1% to $2,526.19 per ounce by 1218 GMT, having earlier hit a peak since March 24 at $2,550.58.

Platinum rose 0.8% to $983.22.

Newly refined Russian platinum and palladium was suspended from trading in London from Friday, denying access to the metals’ biggest trade hub because of the conflict in Ukraine.

“The suspension of the Russian refiners certainly increases the concerns among market participants that the palladium market will be severely undersupplied going forward,” said Commerzbank analyst Daniel Briesemann.

Palladium, used in car exhausts as an autocatalyst to filter emissions, surged to an all-time high of $3,440.76 on March 7 driven by concerns over supply from top producer Russia.

Spot gold rose 0.8% to $1,962.21 per ounce, after hitting a more than two-week high of $1,958.96. U.S. gold futures were 1.1% higher at $1,967.30.

“The war is continuing and without a clear solution and it’s becoming evident it’s becoming a long term matter,” said Carlo Alberto De Casa, an external market analyst at Kinesis, adding the March U.S. consumer price report could be an important catalyst for gold, considered an inflation hedge.

The data is due on Tuesday, and traders expect further rises due to the impact of the war on energy costs.

The Russian invasion of Ukraine has prompted increasing sanctions on Moscow, including embargoes on its energy exports.

“The recovery above the key level of $1,950 for gold and $25 for silver are two strong signals from a technical point of view.”

Spot silver rose 1.9% to $25.22 per ounce.

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