Palladium holds near record levels on supply woes; gold steady

Palladium held near $1,400 an ounce on Friday after surging to record levels in the previous session on tight supplies and robust demand, while gold stood firm amid a partial US government shutdown.

Fundamentals

Spot palladium was up 0.3 percent at $1,400.50 per ounce at 0116 GMT, having hit an all-time high of $1,434.50 on Thursday. The metal is on track to climb for a fourth week in its strongest weekly gain since the week ending Sept. 21. It has risen around 11 percent so far this month.

The price of palladium, used mainly in emissions-reducing catalysts for vehicles, is up nearly 70 percent since marking a trough in mid-August. Prices for the metal overtook gold for the first time in 16 years early in December.

Spot gold was steady at $1,291.43 per ounce, while US gold futures were down 0.1 percent at $1,291.10 per ounce. Spot gold was set for its fifth straight weekly gain.

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