Palladium rose toward the highest level in more than 13 years as prospects of further sanctions against Russia increased concern that supplies from the largest producer may be disrupted. Gold held below a one-week high.
Palladium for immediate delivery added as much as 0.4 percent to $908.83 an ounce, and traded at $906 by 11:30 a.m. in Singapore, advancing for a fourth day, Bloomberg generic pricing show. The metal climbed to $909.35 on Aug. 29, the highest since February 2001, and capped a seventh month of gains that was the longest streak since January 2011.
European Union governments agreed to impose new sanctions on Russia if the conflict with Ukraine worsens. There have been no metal-related sanctions yet. Palladium has advanced 26 percent this year as increased usage in catalytic converters, which curb harmful emissions in cars, and a five-month mine strike that ended in June in South Africa, the second-biggest producer, reduced supplies.
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