Palladium price ticks upwards as South African mines coronavirus cases rise – Invezz

  • Palladium price rose slightly as traders reacted to the rising coronavirus infections in South African mines.
  • More than 1,700 miners have been infected while 10 of them have died.
  • The price is lagging because of the rising coronavirus cases in the United States and China.

Palladium price is up slightly as traders reflect on the rising coronavirus infections in South Africa and the ongoing recovery in Asia. The precious metal is trading at $1850 per ounce, which is near its lowest level since June 4.

Palladium Price
Palladium price 30-day performance

Recent weakness in palladium price

Palladium price has declined by more than 5% this year. In contrast, gold has jumped by more than 16%.

The divergence between the two metals is mostly because of their usage. On the one hand, gold is mostly used as an investment or store of value. Indeed, most gold that is mined is bought by central banks and asset management firms.

Gold is also seen as a safe haven asset, which means that its demand increases when risks rise. The recent policies of global central banks have also pushed more people to buy the metal.

On the other hand,