Logo of Phnom Penh Post newspaper Phnom Penh Post - Palladium price outpaces gold

Palladium price outpaces gold

Palladium price outpaces gold

The price of palladium, a metal used to reduce harmful emissions in vehicle exhaust, has surged to a record high, making it a precious metal more expensive than gold.

According to the New York Mercantile Exchange, the price of palladium futures for December delivery closed on Tuesday at $1,871.30 per ounce, 0.67 per cent higher from the previous session.

The figure rose nearly 49.2 per cent from the price on December 31 last year, which was $1,253.90 per ounce. Its growth rate far surpassed those of other major metals.

The rate of rise for gold futures marked 14.4 per cent in the given period, while silver and copper futures rose seven per cent and 1.5 per cent, respectively.

Palladium’s price has overtaken that of gold this year.

Gold futures for December delivery on the Comex division of the New York Mercantile Exchange closed on Tuesday at $1,462.60 per ounce.

The price of palladium overall has a rising curve. While it has gone up and down, it has marked steep growth from November.

Market experts attribute the price surge to growing demand as a result of environmental concerns. China’s participation, in particular, is a major factor.

“Strengthening regulations on green cars by China and Europe and implementing the United Nations’ International Maritime Organisation’s IMGO 2020 rule have increased demand for palladium,” said Kim So-hyun, an analyst at Daishin Securities.

Palladium’s price will remain strong for a while, amid imbalance between supply and demand of the metal. In the beginning of this year, the financial market predicted that automakers would produce catalytic converters with platinum instead of expensive palladium, but that did not materialise.

“Concern about excessive demand wouldn’t be resolved in a short-term period. Therefore, the price of palladium will continuously rise,” Kim said.

“Palladium’s demand will be at a steady tone until commercialising electronic vehicles. Further, South Africa, the second-most palladium producing country, might experience a shortfall that would lead to even greater price rise,” she added.



  • First deportees of the year touch down in Cambodia

    Twenty-five Cambodian-Americans landed in Phnom Penh on Wednesday, marking the first such deportations of the year. “On Wednesday, US law enforcement authorities deported 25 Cambodian nationals that immigration judges determined had no legal basis to remain in the US,” said Arend Zwartjes, spokesperson for the US

  • Qatar Airways to connect Doha and Siem Reap town

    Qatar Airways Company QCSC has announced a new route connecting Qatar’s capital Doha with Siem Reap, a move hailed by local officials as a significant step to boost tourist numbers. A Qatar Airways representative, speaking at the Kuwait Aviation Show, announced on Thursday that

  • Kingdom drafting new law to strengthen immigration

    The Ministry of Interior on Tuesday said it had formed a working group to draft amendments to the Law on Immigration. Its secretary of state Sok Phal told The Post that the amendments will strengthen the management of immigrants in line with the current situation.

  • Sokha defence denies Tech’s claims

    ON DAY two of Kem Sokha’s treason trial, lawyers for the government said the defence had raised questions in an attempt to allow their client to make a public statement and a conclusion to the case, something his legal team denied. Ky Tech, a

  • Cambodian general visits Myanmar to enhance national defence cooperation

    Royal Cambodian Armed Forces (RCAF) commander-in-chief Vong Pisen is now in Myanmar leading a delegation that aims to improve ties, particularly in national defence, with the fellow Asean member. The timing of Pisen’s four-day visit to the Southeast Asian neighbour is highly symbolic, with

  • Sokha’s treason trial begins

    The treason trial of Supreme Court-dissolved Cambodia National Rescue Party (CNRP) president Kem Sokha began at the Phnom Penh Municipal Court on Wednesday with the presentation of a two-minute video clip. The footage, which was the basis of the charge against him, was dismissed by