Palladium Price Spikes on US-vs-BRICS Bullion Battle
Gold Price News By Adrian Ash – Thursday 24th October 2024
GOLD BULLION rallied but missed setting a new record price for the 1st time in 7 sessions on Thursday as the USA called on its G7 partners to tighten precious metals sanctions against major-mining producer Russia while Moscow proposed a new bullion exchange to its BRICS partners at the group's 2024 summit.
The price of palladium spiked by almost 10% after Bloomberg reported the US Treasury asking other major Western powers to sanction supplies of the precious metal from Russia – source of 2/5ths of global mine output – as well as titanium, vital to the aeronautics industry, in action to try hurting the Kremlin's ongoing war in Ukraine.
Russia's Ministry of Finance meantime proposed " a mechanism for trading metals within the BRICS countries" with agreed "standards for the production and trade of bullion, accreditation of market participants [plus] clearing and auditing" – a role currently taken worldwide by London, UK.
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