The price of palladium has risen on global commodity markets. In the past two weeks it has jumped 25 per cent, and it is now worth double what it was a year ago.
An ounce (28.35 grams) of palladium costs $2,500, far more than the price of gold. At the rate the price is rising, there is no prospect of it falling any time soon.
But what is palladium, what is it used for, and why is its price soaring?
What is palladium?
It is a shiny white metal belonging to the same group as platinum. The group also includes ruthenium, rhodium, osmium and iridium.
Most of the world's palladium comes from Russia and South Africa. It is a by-product of mining other metals, particularly platinum and nickel.
Commercially it is mainly used to make the catalytic converter, an important part of cars.
Source: BBC Bangla. First published in Bengali on The Agro News.
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