Palladium prices drop in American trade

Palladium prices titled lower in American trade even as the dollar index hits its lowest since October 4, 2016, following earlier data from the US, the world's largest economy. 

As of 03:19 GMT, palladium prices fell 0.46% to $857.05 an ounce from the opening of $860.88, while the dollar index shed 0.43% to 95.98 from the opening of 96.39. 

Palladium's drop comes on profit-taking after marking the highest since September, 2014 earlier this month, while Standard and Chartered analysts recently projected a deficit of 563 thousand ounces in the palladium market this year, up from 459 thousand in 2016.