South African strikes push precious metal to highest price since 2001.
The price of palladium has jumped to its highest levels since 2001, with a single troy ounce costing $872.90 (£509.88) as of July 8.
Once thought of as a lower-cost alternative to platinum, palladium has risen in price for the 13th consecutive year. This is thought to be due to fears of a supply shortage in the wake of strikes by South African miners as well as increased demand from industry.
Platinum is still significantly more expensive, however, with current trading prices around the $1,499 (£874.98 ) per troy ounce.
CPM Group director of asset management, Carlos Sanchez, told Reuters UK: “We have supply concerns in South Africa and increasing demand in China and U.S., the largest markets for platinum/palladium demand.”