Bengaluru — Palladium retreated on Tuesday on profit-taking after the automotive catalyst metal breached $1,550 for the first time due to a worsening supply scenario, while gold held in a tight range ahead of US Fed chair Jerome Powell’s testimony. Spot palladium, which traded as high as $1,554.50 an ounce earlier in the day, was down 0.3% at $1,536.70 as of 1.43pm GMT. At least 15 mining firms in SA, a major palladium producer, have received notices of strikes to be held later this week, providing further impetus to its gains. The metal has risen more than 21% so far this year on a sustained supply deficit. “There are increased talks that palladium is entering into bubble territory because of the relentless rally we have seen,” Saxo Bank analyst Ole Hansen said. “Those who are long are tempted to take profits, while we potentially may see a few attempts to sell some shorts in the market.”
Elsewhere, spot gold was barely changed at $1,326.40 an ounce and US gold futures were s...
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