Palladium climbs to record high, while gold holds steady
INTL FC Stone analyst Edward Meir says palladium is in the grips of ‘a serious supply shortage’ and until that lifts prices may rise further
Bengaluru — Palladium rose to a record high on Thursday on lower supply and increasing demand for the metal used in auto catalysts, while a firmer dollar offset the expectation of a pause in the US Federal Reserve’s rate-hiking cycle, keeping gold steady. The price of palladium, used mainly in emissions-reducing catalysts for vehicles, is up more than 60% since marking a trough in mid-August. Prices for the metal overtook gold for the first time in 16 years early in December 2018. Spot palladium was up 0.1% at $1,360/oz, as of 3.50am GMT, after earlier hitting a record high of $1,366.50/oz. “For now palladium is gripped by a serious supply shortage and so until that lifts, we may very well see even higher prices from here,” INTL FC Stone analyst Edward Meir said. Spot gold was steady at $1,292.76/oz, while US gold futures dipped 0.1% to $1,292.30/oz. Risks to the US economic recovery, no end in sight to a partial government shutdown and volatile stock markets have made several Feder...
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