The price of palladium has fallen to its lowest since July 2020 following a slump in automotive demand. Growing inflation is to blame says the World Platinum Investment Council, with the higher cost of palladium dissuading purchase and usage.
Palladium has fallen by 14.38% points in the past year, but by 28.10% in the last quarter specifically. The metal enjoyed price spikes in March, May, and July, with a record high of £3,030 per ounce set in July. In June the metal saw a sharp fall in price and this trend repeated in August with a decline to present day.
Should economic data show a positive change to inflation or GDP in major nations like the USA, China, and Germany then palladium demand – and price – will very likely begin to climb again, but volatility is rife at present. Investors and experts alike are far from certain about any fiscal prospects, and palladium – a precious metal so heavily utilised in manufacturing – is missing out on the bullion demand that gold and silver enjoy.
