Prices of gold and palladium have increased after Russia invaded Ukraine, driven by supply concerns and investors seeking out a safe haven in the yellow metal. Palladium reached its highest price level since August 2021 on Thursday and is currently trading at $2,636 an ounce. Meanwhile, spot gold reached a peak of $1,973.96, its highest level since September 2020. It is currently trading at around $1,937 an ounce. Investors rushed to park their money in gold as Russia’s invasion of Ukraine created widespread uncertainty in the markets. During times of political or financial uncertainty, gold is often seen as a hedge against potential inflation, and also a means of preserving wealth. “A protracted escalation could see gold rising to or above $2,000 per ounce in the short-term,” UBS analyst Giovanni Staunovo said to Reuters. “Platinum and palladium are supported on availability concerns.” Joni Teves from UBS Investment Bank estimates that …