The price of autocatalyst metal palladium hit its highest since August 2011 on Friday as a miners’ strike in South Africa ground on and concerns grew that the standoff between major producer Russia and the West over Ukraine could escalate.

Between them, Russia and South Africa produce nearly 80 percent of the world’s palladium.

The metal has also benefited from the launch this week of two palladium-backed exchange-traded funds in South Africa. A similarly structured platinum fund launched in Johannesburg last year saw hefty inflows of palladium’s sister metal.

Spot palladium hit a high of $791.50 an ounce, its strongest level in more than 2-1/2 years, and was up 3.5 percent at $789.75 an ounce at 1141 GMT.