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Palladium price in retreat on EV prospects
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Spot palladium hit a four-year low of $1,269.09 an ounce on Thursday.
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The metal, used in catalytic converters for gasoline-powered vehicles, has been under pressure as concerns grow about the global economic outlook.
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Investors are worried that a slowdown in economic growth could lead to weaker demand for palladium.
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They are also concerned that the increasing popularity of electric vehicles (EVs) could eventually lead to a decline in demand for palladium.
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EVs do not use palladium in their catalytic converters, unlike gasoline-powered vehicles.
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However, palladium is still used in other applications, such as jewelry and dentistry.
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However, palladium is still used in other applications, such as jewelry and dentistry.
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The metal is also used in some industrial applications, such as the production of hydrogen fuel cells.
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Despite the recent decline in the price of palladium, some analysts believe that the metal could still see some upside in the long term.
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This is because palladium is still a relatively rare metal, and demand for it is expected to grow in the coming years.
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However, the pace of growth in demand for palladium will likely depend on the future of the global economy and the adoption of EVs.
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