Bengaluru — Palladium surged to a record high on Monday as a sustained supply deficit boosted the investment case for the autocatalyst metal, while gold rose to its strongest in more than two weeks on a lower dollar. Spot palladium rose to a peak of $1,458/oz, its highest on record, and was up 1.3% at $1,451/oz as of 10.56am GMT. Autocatalyst manufacturer Johnson Matthey said in a report last week that the deficit in the palladium market will widen dramatically in 2019 as stricter emissions standards increase demand. “The market is fundamentally strong,” Julius Baer analyst Carsten Menke said. “[The] ongoing deficit and autocatalyst producers saying they are not seeing broad-based substitution from palladium to platinum really reinforce the prevailing positive sentiment.” Both metals are primarily consumed by carmakers for use in catalytic converter manufacturing, but platinum is more heavily used in the diesel vehicles that have fallen out of favour since the Volkswagen emissions-r...
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