NEW YORK: Palladium prices hit a more than two-week high on Monday on supply concerns following a recent suspension on trading of the metal sourced from Russia in the London hub, while gold was boosted by inflation fears.

Palladium was up 0.7% at $2,442.09 per ounce by 12:08 p.m. ET (1608 GMT), having earlier jumped 5% to hit a peak since March 24 at $2,550.58. Platinum rose 0.1% to $976.06.

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.

“We believe that the underlying fundamental support of concerns about supply disruptions remains the main focal point of the market,” said David Meger, director of metals trading at High Ridge Futures.

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 0.2% to $1,950.08 per ounce, after hitting its highest since March 14 at $1,968.91. US gold futures gained 0.6% to $1,956.40.

This, despite US 10-year Treasury yields rising to their highest since January 2019. Rising rates increase the opportunity cost of holding non-yielding bullion.

Economic growth is seen declining given inflation trends, recent pressure on US equities and COVID-led lockdowns in China, supporting gold, said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.

The March US consumer price report is due on Tuesday, with traders expecting further rises due to the impact of the war on energy costs. Russian troops were said to be massing for a new offensive in eastern Ukraine, with Moscow saying it would not halt for any further peace talks.

Spot silver rose 0.7% to $24.92 per ounce.