Russia removes the gold from its throne with its metal

Palladium Wednesday pushed up gold, due to concerns over the shortage of this precious metal and the export restrictions imposed by Russia.

According to Bloomberg data, palladium was trading at $ 1,600 an ounce, up 0.51% from the previous settlement price.

While the spot gold price of gold was also at the level of $ 1305, a slight decrease of 0.04% from the end of the previous session.

The price of palladium last January has surpassed the gold price for the first time since 2002, with a limited supply of metal, according to the economic site "Vesti".

Bloomberg

A graph showing the evolution of metallic palladium from here 5 years

Over the past three years, palladium has increased significantly: by 22% in 2016, 56% in 2017 and 25% in 2018. Gold has moved from 9% in 2016 to 13% in 2017 and has lost about 2.5%. In 2018.

Previously, the company, the largest producer of nickel and palladium in the world, had forecast a palladium supply deficit this year of about 1 million ounces.

The Russian Ministry of Commerce and Industry plans to impose export restrictions on precious metals from May 1 to October 31 to ensure compliance with Russia's defense requirements. reported the Russian daily Kommersant.

The use of palladium being fundamental for the automotive industry, car sales will boost demand, according to Moody's, which forecasts a global demand growth in the automotive industry of 2019-2020 by 0.5% at 0.8%.

"The palladium market seems to be under a lot of pressure," he said, "it is thought that this type of crisis will reoccur because the deficit in this market has continued since 2010 and will continue over the next few years."

Source: agencies