Gold hits $2,000 amid precious metals rush Business

A flurry of traders are betting that gold will hit $2,100 by the end of the month, with some expecting even bigger increases.

Other metals also posted strong gains as traders reassess demand and availability.

Copper, a staple of global manufacturing, also hit a record high of $5.03 a pound.

Warren Patterson, an ING commodities strategist, said: “Russia’s latest attack on Ukraine’s nuclear power plant last Friday continued to escalate tensions and heightened fears of prolonged commodity supply shortages. “

Palladium prices hit a record high of $3,442 an ounce on fears sanctions could choke off supplies from Russia, which accounts for about a third of global production. The precious metal, which is used to make catalytic converters for cars, is up 76% this year.

The rise came despite a report from Goldman Sachs that palladium shipments from Russia are unlikely to be halted.

The bank’s analysts said the airlifted metal could be redirected to non-sanctioned Asian countries and then sent to third countries.

They added that the palladium market was already stretched due to low inventory levels, warning that a large-scale disruption in Russian supply could cause a “sharp spike” in prices.