The Global Precious Metals MMI saw a slight rise at the end of 2023, but the long-term forecasts for precious metals like gold, silver, palladium, and platinum remain bearish due to the lack of strong bullish momentum.
The rate at which platinum is displacing palladium in the manufacture of autocatalysts is slowing due to the sister metals approaching price parity, a trend which is likely to persist through this year, analysts said. Growing use of platinum in autocatalysts that reduce harmful emissions from internal combustion engines and rising sales of battery-powered electric vehicles was behind the 39% slump in palladium prices last year. Around 620,000 ounces of palladium were replaced by platinum in 2023 vs 385,000 ounces in 2022, according to the World Platinum Investment Council's (WPIC) November estimate.
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