Gold Gets Leapfrogged as Palladium Extends Rally to Record Again
- People ‘grasping’ for whatever ounces they can get, BMO says
- Palladium has rallied to all-time high on autocatalyst demand
Photographer: Daniel Acker/Bloomberg
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Gold just got left behind by one of its sister metals. After a demand-fueled rally over the past four months that’s seen prices hit successive records, palladium topped gold.
Palladium, which hasn’t traded at a sustained premium to gold in 16 years, has gained as buyers scramble for supplies of the metal used in vehicle smog-control devices. Demand has risen as consumers turn away from diesel toward gasoline-powered cars, which tend to use more palladium in autocatalysts. The metal “should continue to benefit from strong fundamentals in 2019,” according to Bloomberg Intelligence.