The price of palladium today opened at $915.75 per ounce, down 1.52% from the previous day and 16.72% since the beginning of the year. The lowest trading price within the last day was $914.50, while the highest spot price reached $939.03 per ounce in the past 24 hours.
Palladium is currently trading at $915.75, and its value is influenced by factors such as demand, geopolitical events, and speculation. Analysts suggest that the rise of electric vehicles may impact palladium prices due to the decreased demand for traditional catalytic converters.
Palladium is one of the four main precious metals that investors can trade, along with gold, silver, and platinum. It is used in various industries, including automotive for catalytic converters, electronics, and jewelry.
The price of palladium has been on a downward trend since its peak of $3,440 in March 2022. Supply constraints and the rise of electric vehicles have contributed to the decline in palladium prices.
Compared to gold, palladium is currently trading at $915.75 per ounce, while gold is priced at $2,319.59 per ounce. Historically, palladium has been cheaper than gold, but there have been instances when palladium outperformed gold in the market.
Palladium futures contracts allow investors to speculate on the future price of palladium, providing an opportunity to trade the metal at a specified price on a future date. The highest price palladium has ever reached was $3,440 in March 2022.
