The actively traded June contract for the metal jumped $17.65, or 2.3 percent, to settle at $789.30 an ounce. That’s the highest price since September 2011.
Traders fear that Western sanctions against Russia could obstruct exports of the metal. Russia is a major producer of palladium, which is used in products including catalytic converters for automobiles.
Other metal prices were mixed.
Gold for April delivery rose $5.50 to $1,336 an ounce. May silver fell 12 cents to $20.31 an ounce, May copper rose 2 cents to $2.95 a pound and April platinum rose $1.20 to $1,436 an ounce.
Agricultural commodities were mixed.
Wheat for May delivery fell 10 cents to $6.93 a bushel, and soybeans for delivery in the same month fell 25 cents to $14.09 a bushel. May corn edged up half a cent to $4.79 a bushel.