Today, the price of palladium opened at $938.52 per ounce, down 0.48% from the previous day and 14.65% since the beginning of the year. The lowest trading price was $918.25 per ounce, while the highest reached $941.50 within the last 24 hours. Palladium is currently trading at $938.52 per ounce.
Palladium, a precious silvery metal, is priced in U.S. dollars, with its value being impacted by fluctuations in the U.S. dollar. The rise of electric vehicles is speculated to send palladium prices lower, as traditional demand for catalytic converters decreases.
Palladium is one of four main precious metals available for trading via physical bullion, exchange-traded products, or futures contracts. Its primary use is in automobile catalytic converters, and it is also found in electrical equipment, dental tools, and jewelry.
Limited supply and rising demand have historically driven palladium prices, with the metal reaching a peak of $3,440 in March 2022 due to supply constraints. In recent years, the price has been on a decline, partly due to the rise of electric vehicles.
Currently, palladium is trading at $938.52 per ounce, compared to gold at $2,322.55 per ounce. Historically, palladium has been cheaper than gold, with instances of outperforming gold in the past. Palladium futures contracts allow investors to speculate on the future price of palladium, offering a different investment opportunity.
