The palladium price has increased to its highest level in 13 years as investors fear the U.S. and Europe will further increase sanctions on Russia. During Asian trading the palladium price rose by 0.5% to $909.63 per ounce. Russia is the world’s largest palladium producer.

The European Union have agreed to increase the number of sanctions on Russia if the violence in the east of the Ukraine continues to escalate. The palladium price has advanced by 27% this year as a 5 month strike in South Africa reduced supply. Strong global cars sales has increased the metals demand as palladium is used within catalytic convertors to reduce harmful emissions.

Gold is currently trading at £774.78 per ounce, silver £11.71 per ounce and platinum £856.21 per ounce.