Palladium Prices Near All-Time High

The price of palladium, a metal used to cut exhaust emissions, is nearing its all-time high of $1,125 per ounce set 16 years ago.

Spot prices for the material have more than doubled in the past two years. The metal was selling at about $200 per ounce at the end of 2008.

Like platinum, another so-called noble metal, palladium is a key ingredient in catalytic converters used to neutralized harmful exhaust gases. The metals are found and mined together. Demand has softened for platinum as diesel engine sales ebb but surged for palladium as sales of gasoline-powered cars grows worldwide.

Analysts have predicted a glut in platinum supplies through 2020, about the same time shortages of palladium ease.​​​​​