Palladium rose to it highest level in five months on Thursday as fund-related buying and favorable supply and demand dynamics boosted prices.
The price of spot palladium topped off at $561 an ounce. This was an 8.5% increase for the week and a 32.9% increase for the year.
Palladium is primarily used in the manufacturing of automobile catalytic converters. More that half of global palladium supplies go into the production of autocatalysts.
As such, palladium demand is generally correlated to the health of the worldwide automobile industry, which has strongly rebounded this year.
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Editor, Wealth Daily
Investment Director, Hard Money Millionaire and Underground Profits