Platinum surges 3.5%, palladium jumps 1.9%

The price of platinum and palladium climbed on Monday as the American dollar weakened against a basket of currencies, including the yen after an apparent intervention by the Japanese authorities, seemingly raising the commodities demand in other currencies ahead of key economic data releases in the United States later this week coupled with the Federal Reserve policy meeting.

The price of platinum soared 3.59% to $949.91 per ounce, while palladium was up 1.96% to sell at $963.71 per ounce at 11:44 am ET.