Palladium rallies to two-year high as dollar weakens

Palladium prices surged to a two-year high on Thursday, heading for the second weekly profit in a row, as the dollar fell against a basket of currencies, while gold rebounded, buoying other commodities as well. 

Palladium last traded at $803.78 an ounce, up from the opening of $787.65, with a session-high at $807.50, and a low at $787.40. 

Palladium's surge came on the back of dollar's decline against a basket of currencies as analysts expects the Federal Reserve to stick  to its gradual approach to tightening policy, and following disappointing unemployment claims data. 

On the other hand, gold prices rose today amid higher demand on the safe haven in the markets, specially following Fed chair Yellen's speech, which steered away from the monetary policy and raised demand on commodities anew. 

The dollar index, tracking the greenback against a basket of currencies, fell to 99.73 from the opening of 99.76, with a session-high at 99.87, and a low at 99.62.