The price of palladium is currently at $1,009.43 per ounce, showing a 1.95% increase from the previous day but down by 8.20% since the beginning of the year. The lowest trading price in the last 24 hours was $982.20 per ounce, while the highest reached $1,026.09 per ounce.
Palladium’s price trend has been impacted by factors such as changes in demand, geopolitical events, and the rise of electric vehicles, which could potentially lower the demand for traditional catalytic converters, a primary use of palladium.
Historically, palladium has been cheaper than gold, but there have been instances where palladium has outperformed gold in price. In 1999 and for much of 2001, palladium’s spot price was above gold’s. However, gold’s price has generally been on an upward trend, surpassing palladium in recent years.
Palladium futures contracts offer investors the opportunity to speculate on the future price of the metal. These contracts allow for trading a fixed amount of palladium at a specified price on a predetermined future date.
In conclusion, palladium has seen fluctuations in price due to various factors, making it an interesting metal for investors to watch. The precious metal’s primary use in catalytic converters and its limited supply make it an intriguing investment option, especially with the evolving landscape of the automotive industry and the rise of electric vehicles. Analysts continue to track the price of palladium closely to gauge its future performance in the market.
