Palladium dips as dollar gains ground

Palladium prices fell in American trade as the dollar gained ground, following a basket of data from the US, the world's largest economy, and ahead of speeches by Fed officials. 

As of 03:35 GMT, palladium fell 0.49% to $1,010.95 an ounce from the opening of $1,015.89, while the dollar index rose 0.01% to 93.17 from the opening of 93.16. 

Earlier US data showe personal spending rose 0.3% in October, slowing down sharply from 0.9% in September, revised from 1.0%, while analysts expected a 0.2% rise. 

US personal income rose 0.4% in October, same as September while beating analysts' expectations of a 0.3% rise. 

Similarly, the Core PCE Price Index slowed down to 0.1% in line with expectations from 0.4% in September, while core personal spending steadied at 0.2% m/m, and 1.4% y/y as expected. 

US unemployment claims fell to 238 thousand in the week ending November 25, compared to expectations of 241K, and down from the previous reading of 240K, revised upwards from 239K, while continuing claims rose by 42 thousand to 1.957 million from 1.915 million, compared to expectations of 1.890M. 

Chicago PMI fell to 63.9 in November from 66.2 in October, missing expectations of 62.2, while Federal Reserve Governor Randal Quarles is due to speak about payment systems at the Financial Stability and Fintech Conference, in Washington DC, as Federal Reserve Bank of Dallas President Robert Kaplan is also due to participate in a panel discussion at the Real Estate Council, in Dallas.