Palladium backs off five-week high

Palladium prices fell on Wednesday away from a five-week high this week as the dollar recovered today, forcing palladium to fall on profit-taking.
 
Palladium last traded at $751.0 an ounce, down from the opening price of $767.35, with an intraday high at $767.02, and a low at $744.50.
 
Palladium's drop comes after a two-week advance, with today's fall due to profit-taking, as commodities drew recent support from upbeat global industrial data, buoying commodity demand.
 
On the other hand, the dollar rose today against main currencies, heaping more pressure on commodities according to their inverse relation, with palladium prices forced down on profit-taking as investors readjust their positions.
 
The dollar index, measuring the greenback against an array of six major rivals, fell to 102.41 from the opening of 102.05, with an intraday high at 102.54, and a low at 101.93, after the index tumbled yesterday to 101.49 before closing higher.