Palladium, a metal used in pollution-control devices, is trading near the highest price to gold in a decade as increasing global car sales coincide with supply disruptions caused by labor disputes in South Africa.

Global car sales will reach a record 72.13 million units this year, Scotiabank estimated in a report in June. Palladium demand will outstrip supply by 1.61 million ounces, the most since at least 1980, according to Johnson Matthey Plc, which makes a third of the world’s catalytic converters.

“We’re looking this year at a huge deficit so I wouldn’t be surprised if the rally continues and it closes in on gold,”