Palladium is a precious metal primarily used in automotive catalytic converters, which help reduce harmful emissions. Its price fluctuates based on supply and demand dynamics, with factors such as mining output and industrial demand influencing its market value. In recent years, palladium prices have seen significant increases due to stricter environmental regulations and a growing demand for cleaner vehicles. Investors also view palladium as a safe-haven asset, similar to gold and silver, which can further impact its pricing in global markets.