The cost of palladium has been increasing for the twelfth consecutive session and sets a new record.
Due to the expectation of an increase in demand for the metal and worsening situation with its supplies, the silver-white element is growing in price. Since the beginning of this year, the price of the asset has increased 30%.
On Friday, the price rose almost 10% and cost $ 2,528.5 per ounce. It was 2008 when the market observed such growth for the last time.
Analysts consider that problems with the are the main reasons for the growth of the palladium price. Production is in danger due to electricity cuts. South Africa is the second largest palladium producer in the world.
The growing demand for metal is justified by its widespread use in the automotive industry. It is used to make catalysts that meet new stricter emission parameters.
The increase in the palladium price is provoked by fundamental factors. It has already exceeded all forecasts. Experts believe that this year the average price of the precious metals will be about 2250 US dollars. Presumably, prices will slightly fall due to the correction.
It is still difficult to predict when exactly palladium will reach its peak value, but we should wait for a nosedive.
The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group