Palladium rose to a record low on Tuesday, as the threat of a ban on some Russian exports of the metal was added to concerns about the supply of the metal used for self-stimulation.

Gold rose on expectations that the Federal Reserve will remain in a position to ease monetary policy at its meeting this week.

Spot palladium rose 0.4 percent to $ 1589.83 an ounce by 06:42 GMT, after reaching a fresh all-time high of $ 1593.77 an ounce earlier in the session.

The price of the metal, which is mainly used in catalytic converters, has almost doubled since mid-August and has risen about 26 percent since the beginning of the year.

Russia, a major mineral producer, is considering banning exports of precious metals and metal residues to promote local processing of materials.

Meanwhile, gold rose 0.3 percent to $ 1307.12 an ounce, while the dollar fell near a two-week low hit in the previous session on growing expectations that the US central will shift towards a more relaxed monetary policy stance.

Gold futures in the US futures contract rose 0.4 percent to $ 1306.70.

For other precious metals, the spot price of silver fell 0.4 percent to $ 15.38 an ounce, while platinum jumped 1 percent to $ 838.62 an ounce