The price of palladium opened at $954.70 per ounce today, down 0.11% from the previous day and 13.17% lower since the beginning of the year. The lowest trading price in the last 24 hours was $945.84 per ounce, with the highest reaching $972.00 per ounce.
Palladium is currently trading at $954.70 per ounce, with the precious metal experiencing fluctuations due to changes in demand, geopolitical events, and tensions in major producing countries. The rise of electric vehicles is speculated to impact palladium prices, as the demand for traditional catalytic converters declines.
Palladium is one of four main precious metals that investors can trade, along with gold, silver, and platinum. The price of palladium is traded in various currencies, reflecting its value in the global market.
Historically, palladium has been cheaper than gold, but there have been instances when palladium outperformed gold. The highest price palladium ever reached was $3,440 in March 2022, driven by supply constraints due to Russia’s invasion of Ukraine.
Palladium futures contracts allow investors to speculate on the future price of palladium and can be fulfilled by trading the physical commodity or exchanging cash. Despite its uses in electrical and dental equipment, as well as jewelry, the primary use of palladium in automobile catalytic converters may face challenges with the rise of electric vehicles.
Overall, the palladium spot price has been on a steady decline since its peak in 2022, reflecting the changing dynamics in the market and the potential impact of new technologies on its demand and price.
