The 10-million ounce a year palladium market saw a shortfall of 606,000 ounces, continuing a run of deficits stretching back to at least 2015, the company said in a report.
The 1 million ounce rhodium market, meanwhile, was undersupplied by 84,000 ounces.
Lending some support to gold were worries over a surge in global coronavirus cases, which surpassed 100 million, as countries struggle with vaccine shortfalls.
Spot gold was little changed at $1,871.10 per ounce by 1002 GMT, after hitting its highest since Jan. 8 at $1,874.86 earlier in the day. Bullion had gained 1.7% on Wednesday.
That means monetary policy needs to be loose and that kind of environment can still entice people to hold gold as an insurance asset in the portfolio," Schnider said.
Britain on Monday urged businesses to prepare for Brexit, after the country clinched a trade deal with the European Union on Thursday that preserved zero-tariff and zero-quota access to the bloc's single market.
US Congressional Republicans and Democrats scrambled to pass a new round of coronavirus aid on Thursday with lawmakers from both parties saying that failure to agree was no longer an option.
Britain and the European Union have moved closer to sealing a new trade deal but it was still unclear if they would succeed, the bloc's chief executive said on Wednesday.
The US Federal Reserve is expected to keep interest rates pinned near zero and to signal where rates are headed in the coming years at it's final policy meet of the year. The Fed's policy statement is due at 1900 GMT.
But gold's losses were limited by hopes of further US fiscal stimulus, with Reuters reporting that a $908 billion relief plan will be split in two in an effort to win approval and could be introduced as early as Monday.