Palladium futures extended gains to $2,200 per ounce, the highest in nearly four weeks as the dollar index moved away from 20-year highs, offering some support to palladium investors. Still, palladium prices are 30% below their March peak, amid rising interest rates and slowing growth. Central banks around the world are expected to continue hiking interest rates and maintain them elevated to control skyrocketing inflation even in a slowdown. Additionally, demand for palladium, which is used in auto catalysts for gasoline-powered vehicles, has not yet recovered to pre-pandemic levels and the surge in prices and supply chain disruptions are set to continue to weigh. However, the palladium market remains in a deficit.
Historically, Palladium reached an all time high of 3440.76 in March of 2022. Palladium - data, forecasts, historical chart - was last updated on September of 2022.
Palladium is expected to trade at 2154.43 USD/t oz. by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 2439.47 in 12 months time.