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Palladium surged nearly 10% on Wednesday to a two-year high amid a relentless rally in precious metals that propelled both gold and silver prices to records.
The metal, used primarily in catalytic converters in car exhaust systems, traded as high as $1,482.65 per ounce, the highest since May 2023.
Over the past month, palladium has risen by more than 20%, riding the momentum of investment demand for safe-haven metals, in particular during a period of heightened political and economic uncertainty. In comparison, gold has gained 11% during that period, while silver rose by nearly 17%.
Year to date, palladium is up by nearly 49%, almost mirroring the performance of gold, though the metal is still trading at nearly half its all-time high of $3,400 an ounce.
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