Palladium dropped 7% for fear of rising too fast

                                                                                    INQUIRY

      Palladium prices plunged about 7% Wednesday, the biggest one-day percentage drop in more than two years, as investors feared that prices would rise too fast and that falling below technical levels triggered automatic selling orders.
Palladium, used to curb harmful emissions from automotive engines, nearly doubled last week from $832 in August to a record high of $1,620.52 an ounce.
At 1813 GMT, palladium and gold fell 6.7% to $1,444.51 an ounce, the second consecutive day of sharp decline in palladium and gold prices, the largest one-day decline since January 2017.
The chief executive of miners, Anglo American group, said palladium had a "bubble". Marcus Garvey, an analyst at the Standard Bank of ICBC, said that carmakers who accounted for about 80% of palladium demand could replace palladium with cheaper platinum, which helped to lead to a fall in the price of palladium.
But Garvey said the price of palladium and gold could be around $1,500 by the end of the year.


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