Palladium climbs nearly 5% above $1,500

Palladium prices rose on Friday as the dollar lost ground against most major rivals while risk appetite improved amid talks to end the US debt ceiling crisis.

Reassuring Remarks

US President Joe Biden and top Republican in the House of Representatives, Kevin McCarthy, asserted their commitment to reach a deal soon to raise the government debt level from $31.4 trillion.

Kevin McCarthy said the talks will continue into the weekend, with a potential vote on the deal next week. 

Dollar

The dollar index fell 0.5% as of 16:17 GMT to 103.08, with a session-high at 103.6, and a low at 103.05. 

A weaker dollar underpins commodities as they become cheaper to holders of other currencies. 

Palladium is used extensively in electronics and automotive industry to reduce exhaust fumes.

On trading, palladium futures due in June rose 5.3% to $1,527 an ounce as of 16:19 GMT.