Palladium falls to five-week low

Palladium prices fell on Tuesday to a five-week low, heading for the fourth daily loss in a row, as the dollar keeps rising against main currencies, weighing on commodities.
 
Palladium last traded at $666.48 an ounce, down from the opening price of $680.20, with a session-high at $680.30, and a low at $664.52.
 
Palladium's steep decline comes as the dollar rose following the Federal Reserve's decision to increase interest rates for the second time in a decade, raising concerns about investments moving away from commodity markets, in turn hurting palladium prices.
 
The dollar rose to a fresh 14-year high today after Fed Chair Yellen pointed to the strong performance of the U.S economy and its readiness for a tightening policy, which raised demand on the dollar and pushed palladium lower according to their inverse relation.
 
The dollar index, tracking the greenback against an array of six major currencies, rose to 103.51 from the opening of 103.10, with a 14-year peak at 103.62, and a session-low at 103.00, which pushed palladium and other commodity prices lower.