Palladium climbs as dollar hovers near 13-month nadir

Palladium prices rose over one percent even as the dollar index kept pulling away from the lowest since June 23, 2016, following earlier data from the US, the world's largest economy. 

As of 02:50 GMT, palladium jumped 1.58% to $882.91 an ounce from the opening of $869.28, while the dollar index rose 0.06% to 93.72 from the opening of 93.67. 

Earlier US data showed durable goods orders rose above expectations in June, as core orders, excluding transportation, slowed down unexpectedly. 

Similarly, the US goods trade deficit shrank more than expected, as wholesale inventories rose sharply in May past forecasts, and finally, unemployment claims rose more than expected last week. 

Otherwise, Standard Chartered recently projected a supply deficit of 563 thousand ounces in the palladium market this year, compared to a deficit of 459 thousand in 2016. 

The bank also expected more gains for palladium prices in the next 12 months to 2014 highs