In recent times, a lot has happened in terms of precious metals – platinum, palladium and rhodium. It’s hard to believe that such a big change in exchange rates may take place in such a short time.
So it turns out that we can not be sure of anything. Interestingly, platinum, which recently did not achieve spectacular results on world stock exchanges, exceptionally increased its value last week to USD 876 / ounce, reaching a maximum value of more than $ 10 per ounce than the previous time. Unfortunately, it was a one-time jump, after which the chart began to fall sharply. Two days later, an ounce cost by almost $ 30. Even Friday’s increase did not significantly improve the situation. As you can see, the fluctuations within this metal are very large, and the next one is literally impossible to predict.
A very surprising and extraordinary situation occurred in the case of palladium. Most probably expected further increases, or possibly a relatively stable situation. Meanwhile, we have never seen such a large fall in prices in just 3 days! On Monday, an ounce of this element cost $ 1,544. The next day it was worth 30 dollars less. This tendency has not ended on this. On Wednesday, we observed the value of 1 416 USD / ounce, and a day later – just 1 327 USD / ounce! It’s a drop of almost $ 220. It lost 6.3% on Wednesday. It was the largest one-day decline in almost 20 years.
Where did such a large drop in quotations of the element take place, which just a few days ago beat its historical records? The situation on the precious metals market is unstable. As we mentioned before, palladium is used in catalytic converters of petrol-powered cars. In the face of the withdrawal of automotive concerns from diesel engines (in which platinum is used), all eyes were directed towards it. But where did the unexpected turn of the action come from?
There has been a deficit in the palladium market for many years. There is a high tension between demand and supply. In addition, Russia has announced the suspension of further extraction of this metal. Concerns of the world about the economic slowdown resulted in significant drops in the rate. Therefore, we can only wait for the further development of the situation.
In the case of a family, we also do not have the best information for you. There was also a huge drop here. We were able to enjoy the direction of the graph from March 22 to March 26. On Tuesday, an ounce of the family cost $ 3,160. After reaching this value, however, the chart flew down, and the slope line was even vertical. After this drastic fall, the ounce reached $ 2,800 and returned to the beginning of the month. We hope that this trend will not last too long.
The gold and silver graph are just as unfavorable. Already on Monday, we could observe the decline in the exchange rate. The value of gold from March 25 to March 28 fell to USD 1,296 / ounce (change by $ 30). In the case of silver, the decline was 2.39%. The maximum value recorded last week was 15,58 USD / ounce.
You can find the current rates of precious metals in the Exchange rates tab.
You can search for current prices of used catalysts in the catalog.