Palladium overtakes gold, becomes most valuable metal. Check price details
Indians have been buying and stacking gold for centuries and Considering the soaring prices of gold over the last several years, gold has become an excellent tool of investment. However, gold is no more the most valuable metal as Palladium has passed gold and becomes more expensive than Gold has ever been. Palladium price rose for a 15th day, heading for its longest run of gains on record and exceeding the highest-ever price of gold.
According to a Bloomberg report, Spot palladium touched a record of $1,940.34 an ounce Thursday, extending its year-to-date gains to 54%.
Palladium metal is used to reduce harmful emissions in petrol-powered cars. Palladium prices have been driven by fears of a supply crunch as mines in South Africa, the world's second-largest palladium producer, were shut down for 24 hours this week because of electricity shortages.
“It seems that nothing can slow palladium," Daniel Briesemann, a Commerzbank AG analyst told Bloomberg. “Even though we regard the steep price rise as exaggerated, there is no end in sight to the rally."
Palladium’s gains on Thursday propelled it past gold’s 2011 record of $1,921.17 an ounce.
“South African electricity supply concerns have helped palladium this week, together with still strong physical demand,” he said.
Gold price in India today:
Gold prices on Friday rose Rs 56 to Rs 37,600 per 10 gram in futures trade as speculators widened their bets on spot demand and a positive trend overseas.
On the Multi Commodity Exchange, gold contracts for February delivery traded higher by Rs 56, or 0.15 per cent, at Rs 37,600 per 10 gram in a business turnover of 16,002 lots.
Gold for delivery in April next year also edged up by Rs 59, or 0.16 per cent, to Rs 38,633 per 10 gram in 2,695 lots.
Analysts said the rise in gold prices was mostly on the back of fresh positions built up by participants on strong overseas trend.
Globally, gold price was quoting 0.22 per cent up at USD 1,475.50 an ounce in New York.
