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Gold gains, palladium reaches record

The palladium price has reached a record high on rebounding automaker demand and supply disruptions.
Gold gains, palladium reaches record Gold gains, palladium reaches record Gold gains, palladium reaches record Gold gains, palladium reaches record Gold gains, palladium reaches record

PGM producer Sibanye-Stillwater was among the market risers

Staff reporter

It touched US$2,891.20 per ounce yesterday, according to Reuters, and was worth $2,798/oz on the spot market at the time of writing.

Gold also rose, nearing a two-month high and headed back towards $1,800/oz, trading about $1,795/oz on the spot market.

In South Africa, Impala Platinum was up more than 5%, Northam Platinum was up 3.56% and Sibanye-Stillwater (JSE: SSW) was up 2.92%.

In Australia, Chalice Mining (ASX: CHN) which is advancing what it describes as the country's first major palladium discovery - Julimar in Western Australia - today released high-grade drilling results from the project and was up more than 6% in morning trade.

Among gold producers, Gold Fields rose 3.27% in South Africa and Newmont gained 1.49% in New York.

Finally in Toronto, junior Tiger International Resources (TSXV: TGR) gained 33%, likely on improving sentiment for the mining sector in the Philippines.

The company said in February it had won litigation and recovered 100% of its Philippine gold project, and was no doubt buoyed by the country's president Rodrigo Duterte last week rescinding a nine-year ban on new mining deals.