9/14, 2:42 PM (Source: TeleTrader)
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Palladium sinks 5% as carmakers reduce output

The price of palladium tumbled more than 5% on Tuesday to its lowest level in more than a year as the demand for this precious metal from vehicle manufacturers continued to slump.

Palladium declined by 5.37% to trade for $1,976.77 per ounce at 8:39 am ET, landing at the level last seen in July 2020.

The rest of the precious metals were also in the red. Platinum dropped by 1.24% to $952.88 an ounce at 8:41 am ET, while spot gold slipped by 0.11% to $1,791.44 per ounce and silver lost 0.14% to $23.71 an ounce.

Breaking the News / ND