Gold and silver are trading 0.6% and 1.8% higher today, respectively, as the US dollar gives back some of its recent gains. However, other precious metals like platinum or palladium are failing to catch a bid and are trading lower on the day. Palladium deserves a special note as it is trading 4.5% lower on the day and below the $1,000 mark for the first time in 5 years!
PALLADIUM has been trading in a strong downward move since Q1 2022 when prices peaked above $3,400 per ounce. Palladium is used primarily in catalytic converters that curb emissions in vehicles but has been increasingly substituted with platinum as it is much cheaper. Tighter monetary policy as well as slowdown in car sales caused the precious metal to drop over-70% off Q1 2022 highs. An important psychological level is being tested today for the first time in 5 years - $1,000 per ounce area.
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Source: xStation5
