Palladium tops $1,800/oz, on track for $2,000

Palladium prices rose during trading hours today, to break the $1,800 per ounce threshold, amid forecasts that tougher climate-change restrictions will push prices further to record highs.

Palladium is used in the manufacturing of car components that reduce exhaust and pollutant emissions, which has propelled global automotive companies to increase their demand on the metal.

Palladium prices so far gained around 60% since the beginning of the year, which have entered record-breaking run for months till November.

Analysts forecast Palladium to advance further to fresh record highs and breach the $2,000 mark before gold, which is widely expected to occur in the fourth quarter of 2020.

Industrial demand on metals (including palladium) surged amid widespread optimism about the US-China trade talks and hopes for the signing of the phase one trade deal soon.

As for trading, palladium December futures surged 1% to $1,828.9 an ounce as of 14:18 GMT, and hit a session-high of $1,828.9 and a low of $1,808.5.