Commodities

Why did platinum become more valuable than gold?

2019-02-11 16:18:21 GMT (Economies.com)

Palladium prices lost ground but were still more valuable than gold due to strong demand from a variety of industries. 

 

Palladium is considered very rare, even more so than gold, with its value surging 50% since 2001, with a particular spike in recent weeks alongside platinum. 

 

Palladium is crucial to the car industry, especially in internal pipeline components to cut exhausts by over 90%. 

 

And as many countries continue to tighten regulations to combat air pollution, carmaker demand on palladium increased accordingly. 

 

Another factor behind palladium's surge is its rarity, as it's only produced as a side product for other metals in Russia, South Africa, and Canada. 

 

As of 14:46 GMT, palladium fell 1% to $1,357.8 an ounce, with an intraday high at $1,382.9, and a low at $1,347.4. 

 

\Gold on the other hand fell 0.7% to $1,309.6 an ounce, with an intraday high at $1,318.7, and a low at $1,307.1. 

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