Spot Palladium “Suddenly” Rose 3 Percent to $1,022/oz

On December 14, 2023, the spot price of palladium rose sharply, adding 3% to US$1,021.66 per ounce. Palladium is an essential and popular precious metal known for its unique properties and high demand in various industries including automotive, electronics and jewelry. Up until now palladium was in a tailspin trend reflecting dwindling demand for classic combustion engine cars. Traders apparently forgot that palladium is, first of all, belongs to the precious metals family, so it cannot be completely decoupled from gold and silver – let alone platinum.

So it was just a matter of time when palladium prices recovered their common sense. This time around, the main trigger was yesterday’s Jerome Powell’s FOMC speech. Gold is currently trading at $2,037/oz, so the rest of precious metals – especially, oversold palladium – are vigorously catching up and expected to keep going for the time being.

According to the real-time palladium price chart, since mid-2021, the spot price of palladium has generally been on an upward trend, with slight increases from time to time, but last year the trend had become apparently broken.