Palladium climbs as dollar reverses course
1 week ago

‏Palladium prices rose on Friday as the dollar lost ground against most major rivals while investors follow latest updates on the US debt ceiling crisis.


Analysts' Expectations


Commerzbank's analysts brought down their estimates for palladium prices from $2000 to $1,700 by the end of 2024.


There reiterated their estimates for palladium prices at $1,600 by the end of 2023, while raising their estimates for platinum prices from $1,250 to $1,300 by the end of 2023, and holding their estimates at $1,150 an ounce by the end of 2023. 


Continuous Optimism 


Both Reuters and Bloomberg reported from President Biden and Congressional Republican Kevin McCarthy's representatives about progression towards raising the debt ceiling for two years.


The White House issues a statement yesterday, noting that negotiations are progressing well on the crucial issue. 


Biden will carry on talks with Congressional leaders later this week to avoid a catastrophic default on payments.


Some sticking points however remain between both sides on this issue. 


In a sign of impending danger, Fitch Ratings said it has placed US credit rating under negative review, which might lead to a downgrade.


Otherwise, the dollar index fell 0.1% as of 15:21 GMT to 104.1, with a session-high at 104.2, and a low at 103.8.


Palladium futures due in June rose 1.6% as of 15:22 GMT to $1,439 an ounce. 

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