Singapore | Palladium surged above $US1500 an ounce to a record, extending a powerful rally that's been driven by an acute shortage of supply as car manufacturers scramble to get hold of the material to meet stringent emissions controls.
Spot palladium surged as much as 1.7 per cent to $US1505.46 an ounce, and traded at $US1488.20 in morning trade in New York. Prices are set for a seventh straight monthly gain. The advance will benefit top suppliers in Russia and South Africa. In other precious metals, gold rallied to a 10-month high, while silver and platinum both climbed.
Palladium, a silvery-white metal used to curb emissions from gasoline-fueled vehicles, has tripled since January 2016. Citigroup said this month that further gains may be in store, warning the market will only balance with a shock to demand. Prices may hit $US1600, the bank forecasts.
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