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1/16, 8:27 AM (Source: TeleTrader)
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Palladium price tops $2,300 for new all-time high

Palladium gained over 2% on Thursday as its price topped $2,300 per ounce for the first time. A precious metal used in the car industry surged amid the fresh tension between Iran and the United States, following Iranian Foreign Minister Mohammad Javad Zarif's claims that Washington would likely abandon any nuclear deal with Tehran.

The US reportedly warned the European Union that new tariffs on car imports from the bloc may be imposed if European countries don't condemn Iran's decision to scale back from the nuclear deal. Meanwhile, the European Auto industry association (ACEA) announced that the new European car registrations jumped 21.7% in December, extending the growth for the fourth consecutive month.

Palladium rose 1.92% at 2:32 am ET, trading for $2,307.20 per ounce.

Breaking the News / GA