“Report”: Palladium price will keep rising on the world market - ANALYSIS

Baku. 13 December. REPORT.AZ/ Last week, the palladium price has exceeded the gold price for the first time over the past 16 years.

Report informs citing Bloomberg that the palladium price is $1,265 an ounce, while the gold is $1,250.

A year earlier, the palladium price was $1,019 an ounce, and gold price was $1,249.

Report’s analytical group says that the sharp rise in the palladium price is mainly related to extension of its use in automobile industry. This metal turns the harmful gases generated by working engines to harmless gases. Therefore, the producers taking into account the modern ecological standards and demands, use palladium. About 75% of 208 tonnes of palladium are used in the automobile industry throughout a year.

Along with this, palladium is also used in chemical industry, jewelry. Palladium price is also formed by nonavailability of its reproduction, as well as volume of production in the countries such as Russia, South Africa, Canada, US, Zimbabwe. These are a significant factor for rise in its price.

Taking all these into account, the palladium price will probably keep to over $1,300 by the end of this year, reach $1,400-1,500 in 2019.