The current price of palladium opened at $970.13 per ounce, down 3.62% from the previous day and 11.77% lower since the beginning of the year. The lowest price within the last day was $965.50 per ounce, while the highest was $1,009.11 per ounce.
Palladium is a precious metal that is commonly used in catalytic converters for automobiles. The spot price of palladium is currently at $970.13 per ounce, reflecting fluctuations in the value of the U.S. dollar.
Factors that can influence the price of palladium include changes in demand, geopolitical events, and tensions in major palladium-producing countries. The rise of electric vehicles is speculated to impact palladium prices as demand for traditional catalytic converters declines.
Palladium is one of the four main precious metals that investors can trade, along with gold, silver, and platinum. The history of palladium prices shows a fluctuating trend, with the metal reaching its peak price of $3,440 in March 2022.
Currently, palladium trades at $970.13 per ounce, compared to gold at $2,398.66 per ounce. While palladium historically has been cheaper than gold, there have been instances where palladium outperformed gold in terms of price.
Palladium futures contracts allow traders to speculate on the future price of palladium. These contracts are agreements between buyers and sellers to trade a fixed amount of palladium at a specified price on a future date.
Overall, the price of palladium continues to be influenced by various factors, making it an intriguing commodity for investors to watch.
