Bengaluru — Palladium prices surged to a record on Tuesday, bolstered by worries about shrinking supply of the auto-catalyst metal, while gold rose on expectations that the US Federal Reserve will maintain a dovish tone at its policy meeting this week. Spot palladium was up 0.3% at $1,588.04 an ounce, as of 0435 GMT, after marking a high of $1,592.02 earlier in the session. "The demand has been an ongoing narrative for a while. So, the fundamentals are strong and there is an ongoing supply deficit problem," said Ilya Spivak, a senior currency strategist at DailyFX. Expectations for more economic stimulus by China, the world's biggest auto market, could also be a short-term catalyst for the market, Spivak said. Prices have nearly doubled since the mid-August lows and have already surged about 26% for the year. Palladium has continued to firm despite weak car sales as news that Russia is mulling a ban on scrap and tailing exports threatens to further tighten an already tight market, T...
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