The price of palladium continues to correct along with the entire precious metals market after a significant increase of more than 500$ over the summer months.
Experts say that this is a temporary correctionWe can expect the palladium price to go back to 2400$ and up to 2800$, which is aided by South Africa, the world's main producer of the metal.
The incidence of coronavirus in this country is very high, which affects production capacity, but the opposite is true for consumer countries - the economy is gradually recovering, which means a growing demand for palladium, which is used in the automotive industry.
These two factors together can play a powerful catalyst for the rate of the metal in the near future.
- More forecasts and news on the Fortrader channel at Telegram