Palladium climbs as dollar trades flat

Palladium prices rose in American trade as the dollar index traded mostly flat, ahead of US housing data, and Federal Reserve Chair Janet Yellen's speech in New York. 

As of 03:22 GMT, palladium rose 0.39% to $994.97 an ounce from the opening of $991.13, while the dollar index shed 0.01% to 94.07 from the opening of 94.08. 

Now markets await the US existing home sales data, expected to have risen to 5.42 million units in October from 5.39 million in September, while Federal Reserve Chair Janet Yellen is scheduled to speak later today in business school. 

Yellen announced earlier that she will resign from her job after her term ends in February, once her replacement Jerome Powell is confirmed in the Senate. 

The Senate Banking Committee will hold a session on November 28 to discuss President Donald Trump's nomination of Powell to chair the Federal Reserve after Yellen. 

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.