Ingots of 99.98 and 99.97 percent pure palladium are seen at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia November 22, 2018. REUTERS/Ilya Naymushin
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Palladium surged above $1,500 an ounce to a record, extending a powerful rally that's been driven by an acute shortage of supply as car manufacturers scramble to get hold of the material to meet stringent emissions controls. Spot palladium surged as much as 1.7 percent to $1,505.46 an ounce, and traded at $1,494.50 as of 1:54 p.m. in New York. Palladium is a rare metal produced mostly in two countries, so it may not be possible to boost output immediately.The jump in palladium has also aided South African producer Anglo American Platinum Ltd., and the company expects the three major platinum-group metals, including rhodium, will again be in a combined deficit in 2019 .In other metals, spot gold rose as much as 0.4 percent to $1,346.80 an ounce, the highest since April, as silver and platinum gained.
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