Extensive jump in platinum and palladium: now market demand for auto industry

- Ubhi Bazar ઃ Dilip Shah

- However, as the delta virus infestation increases, the market will rise again.

Gold and silver are mainly mentioned when precious metals are mentioned in the world market. But in fact, in addition to these two precious metals globally, platinum and palladium have also been mentioned on Wednesday, and the trading volume in platinum and palladium has also seen a significant increase recently. There was a time when platinum prices were higher than gold prices in the world market. However since then the picture has changed and now the price of platinum has dropped significantly compared to the price of gold. While gold prices were hovering around ૮ 1,200 an ounce in world markets recently, news of platinum hovering around 1,000 was received from overseas. Platinum and palladium fall into the category of precious metals, but the use of both metals in industrial use, especially in the automobile industry, has increased in recent years. This was followed by a recent lockdown in the Corona period which adversely affected the industrial demand for these metals. The initial seven months were down to the bottom. This metal is used exclusively in catalytic converters in the automobile sector. Platinum prices rose sharply in February this year and have since fallen by about 20 per cent on the back of highs. The recent shortage of computer chips in the global market has had an adverse effect on the demand for platinum and market prices, affecting production by automakers. As the production of electric vehicles continues to grow in the automobile sector, market analysts fear that it will also have an impact on demand for platinum. However, as the price of palladium metal, a rival of platinum, has remained significantly higher than that of platinum, some sections of the market are also showing the possibility of narrowing the price gap between the two metals if the demand for palladium now shifts to platinum.

Platinum prices in the world market have been fluctuating significantly over the last twelve months. Platinum prices in the last year of 2020, especially in October, fell sharply to below ડો 200 an ounce and were hovering between થી 60 and 7. However, in the ensuing period, the platinum market bounced back considerably. And then the price of platinum rebounded, jumping from a high of ૩ 1,300 in February this year to ૫ 1,308 to ૬ 1,305. However, the subsequent period saw a resurgence in the world market. And after falling below ૧ 1,000, prices have been hovering around તાજે 1,000 recently, according to world market analysts. Platinum rival Palladium has also seen a surge in prices over the past 12 months. In October last year, the price dropped to near ટી 400 an ounce, and palladium prices have been hovering in the થી 500 to ૨૪ 200 range since January this year. However, in the following months, short supply in palladium led to a sharp rise, and in April-May, the price surged to over ડો 500 and reached close to 2,000. However, prices plummeted from high to low in June. And around ડો 500 was talked about. Then in July, prices rebounded to above ડો 200. However, the rise was short-lived, with prices falling below ડો 500 and moving closer to ૨૨ 500, and recently traded above ૨૪ 200. The palladium market has seen a sharp jump in prices over the last 12 months, market sources said. The use of platinum in the field of renewable energy has also increased recently. Platinum has been used in pollution control equipment in the automobile industry. About 30 to 40 per cent of the total global demand for platinum and palladium comes from the automobile industry, experts said.