Palladium hits three-week high

Palladium prices rose on Thursday to a three-week high amid mounting commodity demand as the dollar fell against a basket of currencies, with palladium attempting to capitalize on it and climb for the third straight session.
 
Palladium last traded at $792.33 an ounce, up from the opening of $788.35, with a session-high at $793.83, and a low at $786.70.
 
Palladium's current rise comes after the dollar fell away from a five-week high on profit-taking after rising yesterday on the back of strong U.S. data, adding to Fed Chair's bullish testimony ahead of Congress.
 
The inverse relation with the dollar helped palladium prices advance, specially after gold prices hit one-week highs, even after Yellen left the door open for a rate hike in he bank's March meeting, warning from delaying policy tightening and its impact on the economy.
 
The dollar index, measuring the greenback versus a basket of peers, fell to 100.73 from the opening of 101.05, with a session-high at 101.06, and a low at 100.56, after hitting a five-week high yesterday at 101.76.