Palladium inches up past gold's value

Palladium is in competition mode with the pricier metals amid higher demand and fewer supplies of the precious metal. 

Palladium is getting high demand from car and watchmakers, driving its value above gold. 

However, metals, including palladium, have faced recent pressures on concerns over slower economic growth worldwide. 

Palladium is used in manufacturing diesel parts, which are used to drive down exhaust pollution, among many other usages. 

Palladium futures due in March rose 0.2% to $1,308.9 an ounce, with a session-high at $1,319.5, and a low at $1,295. 

In comparison, gold is running 0.4% lower to $1,284.6 an ounce, with an intraday low at $1,284.