Palladium Trading At $627.95 An Ounce

Kitco reported platinum group metals are hitting new highs on supply problems in South Africa, including palladium at $627.95 an ounce.

As quoted in the market news:

Platinum group metals have hit fresh multi-month highs on continuing worries about supply disruptions in South Africa, with some analysts saying the rally could last a while since the labor unrest likely won’t be resolved quickly and may even spread.

As of 10:48 a.m. EDT, platinum for October delivery was $11 higher to $1,518.80 an ounce on the New York Mercantile Exchange. The contract peaked overnight at $1,530.60 an ounce, its strongest level since May 8. Sister metal palladium, basis the September contract, was up $3.75 to $627.95 an ounce. It got as high as $634.70, its loftiest level since June 19.

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