Palladium hit 2-1/2 year highs on Wednesday as platinum group metals continued a sensational run higher spurred by continued concerns about supplies from major producer South Africa, while gold rose on expectations of more stimulus measures in Europe. Notching up its best one-day of gains since early January, platinum rose 2.08 percent to trade at $1,479.75 per ounce at 4:42 pm EDT (2042 GMT).
Earlier in the day, it hit a 2-1/2 month high of $1,483.50. Palladium surged to $827.50 an ounce, its highest since August 2011. Prices were up 1.5 percent at $825 in late afternoon New York trade. In gold, spot prices were up 1 percent to $1,305.39 an ounce, while US gold futures for June delivery settled up 0.85 percent at $1,305.9 an ounce, for its best one day gain since May 2.
Silver, in the spotlight after news the 117-year old London "fix", used as the global price benchmark, will stop in August, rose to a one-month high of $19.97 an ounce. Spot prices which were not affected by the news of the end of the fix, were up 1.3 percent at $19.83 an ounce in late trade.