Palladium powers above $1,000 as dollar declines

Palladium prices rose nearly two percent in American trade away from August 16, 2017 lows, while the dollar dipped for the first time in three sessions, following earlier data from the US, the world's largest economy, while Federal Reserve Bank of Atlanta President Raphael Bostic is due to speak about the economy at the Shoals Chamber of Commerce, in Alabama.

As of 01:48 GMT, palladium rose 1.60% to $1,004.20 an ounce from the opening of $988.36, marking early March highs, while the dollar index dipped 0.44% to 89.40 from the opening of 89.80. 

Earlier US data showed retail sales rose 0.6% in March, compared to a 0.1% dip in February, and beating expectations of a 0.4% rise, while core sales rose 0.2% in line with expectations. 

The Empire State Manufacturing Index slowed down to 15.8 in April from 22.5 in March, missing expectations of 14.9. 

Palladium, a precious metal 20 times rarer than gold, is now recovering on short-covering after a slump away from record highs hit in mid-January at $1,140 an ounce, with Russia and South Africa providing 75% of global palladium supplies.