12/28/2020, 3:05 PM (Source: TeleTrader)
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Palladium soars 4% as Tesla deal sparks demand hopes

The price of palladium jumped more than 4% on Monday amid news that the largest manufacturer of electric vehicles, Tesla Inc., could enter the Indian market as early as the beginning of 2021.

The announcement came from India's Minister for Road Transport & Highways Nitin Gadkari to back Tesla CEO Elon Musk's claim that the California-based giant will "for sure" come to the second-most populous country in the world in 2021.

Palladium, extensively used in the automobile sector, soared 4.53% to sell for $2,451.24 per ounce at 9:04 am ET.

Breaking the News / BU