Palladium Hits Record High Near $2,900; Gold Stays Under $1,800 By Investing.com – Investing.com

Palladium Hits Record High Near $2,900; Gold Stays Under $1,800 By Investing.com – Investing.com

© Reuters.

By Barani Krishnan

Investing.com - Palladium roared to yet another record high on Thursday, closing in on the $3,000 an ounce target set by those long on the autocatalyst metal.

Gold, on the other hand, missed another opportunity to return to $1,800 pricing as it settled the latest session lower after soaring to a seven-week high of $1,798.25 on Wednesday.

on New York's COMEX hit a record high of $2,894 an ounce, rewriting for the third time this week a string of peaks that began since April 13 after the metal that purifies gasoline-engine emissions got to above $2,700. Palladium futures however, settled the session lower, finishing down $32.70 at $2,842.90.

The did not hit record highs on Thursday but got to just about $2 below the peak of $2,896.68 set during the previous day's trade.

Palladium has more than doubled in value over the past two years ago due to a shortage of the commodity versus explosive growth in the automobile market, which was expanding consistently at least until the global outbreak of the coronavirus pandemic in March 2020.Technically as well, palladium is on one of its strongest legs ever for a rally, surging almost 25% from lows of under