PRECIOUS-Global risks buoy gold; palladium soars 8% on supply fears

* Gold hit a record high of $2,758.37 on Wednesday * Palladium touches a peak since December 2023 * US urges G-7 to sanction Russian palladium, titanium - Bloomberg (Updates prices as of 1150 GMT) By Anushree Mukherjee Oct 24 (Reuters) - Gold prices firmed on Thursday as the bullion remained in demand in the face of ongoing geopolitical risks, while palladium jumped 8% to a near 10-month peak on fears of supply sanctions on top-producer Russia. Spot gold XAU= rose 0.8% to $2,739.09 per ounce by 1150 GMT after pulling back from the record high of $2,758.37 on Wednesday . U.S. gold futures GCv1 gained 0.8% to $2,751.70. "The fact that gold has rebounded from yesterday's lows is a positive signal confirming the strong massive interest that investors have currently in bullion," said Kinesis Money market analyst Carlo Alberto De Casa. "We have the U.S. election in just 10 days, a very complicated geopolitical scenario. In this situation, investors are betting on gold," Carlo said, adding that massive demand from central banks is supporting prices. Gold, used as a safe store of value during times of uncertainty, has hit multiple record highs and surged over 33% so far this year. Expectations of further monetary policy easing by major central banks have also boosted the non-yielding bullion's appeal. "Further, concerns around rising U.S. fiscal debt outlook is strengthening the investment case for gold. We think that the recent rally can fade once the market focus shifts to prospects of a gradual easing cycle by the Fed rather than deeper cuts," ANZ said in a note. In other metals, palladium XPD= jumped 8% to $1,142.75, its highest level since December 2023. The U.S. asked the Group of Seven allies to consider sanctions on Russian palladium and titanium, Bloomberg News reported. "Considering that Russia accounts for about 40% of palladium mine supply, such a decision would tighten the market and see prices rising considerably," UBS analyst Giovanni Staunovo said. "With a larger producer scaling back production next year, we see the market balanced to slightly under-supplied in 2025, with prices trading around $1,000/oz" Spot silver XAG= firmed 1.1% to $34.10, having hit its highest since late 2012 touched on Oct. 22. Platinum XPT= rose 2% to $1,036.10. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Spot palladium - 10-month peak https://tmsnrt.rs/4heOahl Spot gold price in USD per oz https://reut.rs/3NAMUaT ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Anushree Mukherjee, Swati Verma and Ashitha Shivaprasad in Bengaluru; Editing by Eileen Soreng and Maju Samuel) (([email protected];))