U.S. equities weren’t the only assets shining on Wednesday as increasing demand for precious metals like palladium and gold propped up ETFs like the Aberdeen Standard Phys PalladiumShrs ETF (NYSEArca: PALL) and the SPDR Gold Shares (NYSEArca: GLD).

Palladium soared to an all-time high of $1,358 an ounce. As of 3:00 p.m. ET, the price went even further to $1,364.80.

Palladium, Gold ETFs Shine on Increasing Demand for Precious Metals 1

“In the long run, we believe that palladium will continue to benefit from exceptionally strong supply/demand, resulting in yet higher prices,” said George Gero, managing director at RBC Wealth Management. “However, in the near future, we believe that palladium is due a correction.”

PALL rose 2.47 percent while GLD gained 0.33 percent. PALL is trading well above its 200-day moving average as the price of palladium bested gold for the first time in 16 years during the month of December.

Palladium, Gold ETFs Shine on Increasing Demand for Precious Metals 1

Gold Gains on Global Growth Concerns

A strong U.S. dollar has stymied gold for much of 2018, but global growth concerns and other broad market worries could give the precious metal a boost in 2019. A confluence of the aforementioned market worries could trigger gold prices as investors seek to the precious metal for safe haven options.

After four rate hikes in 2018, the Federal Reserve pausing interest rates in 2019 could also result in a weaker dollar and stronger demand for gold. On Wednesday, gold closed in on a key $1,300 price resistance level, reaching $1,296.30.

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