News 24 | What is the “precious” metal of palladium comparable and more expensive than gold?

In recent years, the palladium metal has set a record value as its price in today’s trading (Wednesday) exceeded $ 2,300 an ounce, outperforming gold by a difference of around $ 500 , the latter registering today 1840 dollars an ounce, and Russia is at the forefront of the producing countries. The Russian “Norilsk Nickel” is the largest producer of palladium in the world, producing 39% of the volume of world production.

It is a product of 3 minerals

Palladium is a rare silver-white metal belonging to the platinum group, produced from the extraction of nickel, copper and platinum, and it has important physical properties that make it an important part of the automotive industry.

Characteristics of palladium

Palladium is characterized by its resistance to corrosion and resistance to high temperatures, as it plays an important role in reducing carbon emissions and converts 90% of hydrocarbons, carbon monoxide and nitrogen dioxide, into dioxide of carbon, nitrogen and water vapor, and was discovered in 1803 by William Hyde Wollaston, it took the name of a comet, which was discovered in 1801.

car manufacturing

Palladium can be used in many industries, and this is because it facilitates hydrogenation processes, especially when heated to high temperatures, and because it reduces carbon emissions, over 80 % of it is used as a catalytic converter in automobile exhaust purifiers, where it is installed between the engine and the Reflective insulators in cars.

Other uses

It is also used in the manufacture of certain dental tools and white gold. When palladium is added to yellow gold, its color turns white. It is also used in the manufacture of alloys, jewelry, electrical connections, photography and watchmaking.

Why is the value of palladium increasing?

The price of palladium has increased in world markets, due to several factors, including the imposition of some countries, including China, of strict restrictions on smoke emissions, which has led to a significant increase in demand for the metal precious, and the scarcity of its resources, despite the presence of several important mines in Russia, South Africa, Canada and the United States.