12/10/2020, 4:00 PM (Source: TeleTrader)
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Palladium surges 4.5% as EU turns to EV market

The price of palladium surged more than 4% on Thursday as Brussels revealed the industrial production of batteries used in electric cars is expected to bring about 250,000 new jobs over the next ten years in the European Union.

The biggest electric car maker, Tesla, was released from charges aimed to block the construction of Berlin Gygafactory earlier in the day by a Frankfurt court, paving the road towards the industrial expansion.

Palladium, widely used in the auto sector, soared 4.53% to trade for $2,372.62 per ounce at 3:58 pm CET. Platinum also extended gains a minute later, jumping 3.38% to go for $1,037.77 an ounce.

Breaking the News / ND