Palladium rises to an all-time high on tight supply outlook
Gold dips slightly ahead of the US Fed monetary policy meeting minutes, expected later in the day
Bengaluru — Palladium rose to an all-time high on Tuesday as the supply outlook tightened further, while gold dipped ahead of an interest rate decision in the US. Spot palladium hit a record $1,608 an ounce earlier before easing back to trade 0.1% lower at $1,594.58 at 11.19am GMT. “The story remains the same [for palladium] as long as there is tight supply,” said Saxo Bank analyst Ole Hansen. “There are also stories of Russians potentially cutting supply [of precious metal scraps and tailings] that is adding to a very bullish scenario.” The trade and industry ministry of Russia, a major producer of the automotive catalyst metal, is contemplating a temporary ban on the export of precious metals’ scrap and tailings from May 1 to October 31 this year. However, on the technical front, the rally in palladium, which is now in the overbought territory, could fizzle out, said ActivTrades chief analyst Carlo Alberto De Casa. Both palladium and platinum are used as emissions-reducing catalys...
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