Prices for certain precious metals, like prices for other metals, have been dropping.
Buyers in December paid on average about $822 per troy ounce for the precious metal platinum. The price was down $18 from what buyers paid in November, and almost $1,300 down from the $2,121 peak last March.
They paid about $174 per ounce for palladium, versus $207 in November and $489 in March, when the price peaked.
Behind the price drops is the slowdown in the automotive industry. Automakers use platinum and palladium in catalytic converters. Platinum is also used in petroleum cracking and as an alloying agent for various metal products. Other applications for palladium include jewelry and electronics products.
