The current price of palladium opened at $996.27 per ounce, down 1.58% from the previous day and 9.39% since the beginning of the year. The lowest trading price in the last day was $982.00 per ounce, while the highest was $1,012.97 per ounce. Palladium is currently trading at $996.27 per ounce.
Palladium, a precious metal, is influenced by factors such as demand, geopolitical events, and investor speculation. Analysts speculate that the rise of electric vehicles could impact palladium prices due to the decline in demand for traditional catalytic converters.
Palladium is primarily used in automobile catalytic converters, electrical equipment, dental equipment, and as a substitute for platinum in jewelry. Limited supply and rising demand have historically driven palladium prices, which peaked at $3,440 in March 2022 due to supply constraints from Russia’s invasion of Ukraine.
Currently, palladium trades at $996.27 per ounce compared to gold at $2,330.81 per ounce. Palladium historically has been cheaper than gold, but there have been instances when palladium outperformed gold, notably in 1999 and 2001.
Palladium futures contracts allow investors to speculate on the future price of palladium. Despite its volatility, palladium can be a good investment if demand continues to outpace supply. However, with the shift to electric vehicles, the future outlook for palladium may be uncertain.
