Platinum and Palladium prices rose sharply this week, driven by record-high Silver and Gold levels and prospects of increased demand from the European automotive sector following indications of a softer 2035 combustion engine ban, Commerzbank’s commodity analyst Carsten Fritsch notes.
Palladium climbs to $1,600 amid precious metals rally
« The price of Platinum rose yesterday to $1,800 per troy ounce for the first time since September 2011. The price of Palladium rose to $1,600 today, but is still trading below the 2½-year high of $1,636 per troy ounce reached in October. »
« The recent price increases for Platinum and Palladium can largely be explained by the likewise sharp rise in the prices of Gold and, in particular, Silver, which reached a new record high of $64.7 per troy ounce on Friday. »
« In addition, the looming softening of the EU’s planned 2035 ban on the sale of cars with combustion engines may have given prices a boost, as this could mean that more Platinum and Palladium will be needed in the European automotive industry over the next 10 years than previously expected ».