The price of palladium today opened at $1,072.30 per ounce, showing an increase of 1.11% from the previous day. However, the current price is down 2.48% since the beginning of the year. The lowest trading price within the last day was $1,031.01 per ounce, while the highest was $1,087.09 per ounce.
Palladium, a precious metal, is currently trading at $1,072.30 per ounce. The price is influenced by various factors including changes in demand, geopolitical events, and investor speculation. Analysts believe that the rise of electric vehicles could impact palladium prices as demand for traditional catalytic converters, a common usage of palladium, declines.
Palladium is used in various industries such as electronics, dental equipment, and jewelry. Its primary use, however, is in automobile catalytic converters. The metal, abundant in nature, is commonly produced as a byproduct when refining copper and nickel ores.
The history of palladium prices has seen fluctuations due to limited supply and rising demand. The metal peaked at $3,440 in March 2022 but has since seen a decline. Currently, palladium trades at $1,072.30 per ounce compared to gold, which trades at $2,396.07 per ounce.
Investors can trade palladium through physical bullion, exchange-traded products, or futures contracts. Futures contracts allow for speculation on the future price of palladium, providing opportunities for investors to capitalize on potential price fluctuations.
