LONDON (Reuters) – Palladium rose to a record high on Tuesday due to concerns about a lack of supply for the metal used in the car exhaust system, while US Treasury Secretary Janet Yellen said gold 1 after rising interest rates The percentage may fall.
Palladium’s spot price fell 0.2 percent to $ 2,965.35 an ounce, reaching 16.32 GMT after reaching an unprecedented peak of $ 3,017.18.
Bart Melick, director of Bart Melick, said, “There are strict restrictions on global pollution that we have not seen in the past. This means that cars that do not use automatic catalysts will now be supplied and as such There will be more demand. ” Of commodity strategies at TD Securities.
“In the near future, there will be a deficit in the current market and prices will go up,” he said.
The largest producers of the mineral, worried about a supply shortage after Nornikel, reported disruption in two mines due to flooding.
Meanwhile, Yellen said that with the activation of more support programs, gold could fall by more than 1 percent in the spot to raise US interest rates to curb the growth of the economy’s inflation.
The price came down to $ 1775.02 an ounce. US gold futures also fell 1 percent to $ 1774.70 an ounce.
Raising interest rates increases the cost of holding non-yielding metals.
After reaching its peak since February 26, silver fell 2 percent to $ 26.34 an ounce, while platinum fell 0.6 percent to $ 1222.93.