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Gold is having a good year. But not as good as palladium, which has spiked nearly 50% in 2017 to its highest level in over 16 years.

The price of palladium, which is used in cars, electronics, dentistry and jewelry, hit $1,005 per ounce on Monday. Analysts say it’s a case of strong demand and tight supply.

“We are convinced that palladium’s strength is driven by fundamentals,” said Joni Teves, a strategist at UBS.

Teves said that there’s been a consistent shortfall of palladium over the past five years, and demand for the metal continues to be strong — particularly in Asia.

UBS data show that 78% of palladium demand this year came from the auto market. The material is used in exhaust parts to turn dangerous pollutants into less harmful emissions like carbon dioxide.

Strong sales of gasoline-powered cars in the U.S. and China have helped drive demand for the metal.

Read more via Palladium: This metal is tearing up the market in 2017 – Oct. 16, 2017

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