The price of palladium for the first time exceeded 1 thousand 600 dollars per troy ounce


The data of trades in London on Tuesday showed that the spot price of palladium rose to 1,601 dollars 52 cents per troy ounce. Relative to the previous session, the price of metal went up by 1.4%, and its value exceeded 1 thousand 600 dollars per ounce for the first time in history. Worldwide deliveries of palladium continue to decline, which has caused an increase in its price by 27% since the beginning of 2019. This metal is in high demand in the automotive industry, where it is used in the production of catalysts for cleaning automobile exhausts. Increased demand for palladium will again lead to its deficit in 2019. Bank of America expects that this year, palladium will rise in price by an average of up to 1 thousand 800 dollars per ounce and may even surpass the mark of 2 thousand dollars per ounce for a short period.

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