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LONDON. — Palladium prices are within a whisker of breaking above $2 000 an ounce for the first time, with a gaping supply deficit fuelling a remarkable run that has seen the autocatalyst metal more than quadruple in value since 2016.

Once the cheapest of the major precious metals, palladium, used chiefly in engine exhausts to reduce harmful emissions, is now more than twice as expensive as platinum and $500 an ounce more than gold.

Prices have surged almost 60percent this year, reaching $1,998.43 an ounce on Tuesday, before slipping back to around $1,950. In January 2016, an ounce cost as little as $449.55. Prices may pull back briefly, but auto makers have pushed prices higher again and again this year,” — Bloomberg.