Palladium climbs to near $1500 an ounce

Palladium prices rose on Friday even as the dollar edged up against major rivals, with the metal approaching $1500 once more. 

Data

Earlier data showed US consumer spending growth slowed down to 0.3% last month from 0.5% in the previous reading.

On a yearly basis, consumer spending rose 5%, slowing down from 5.3% in January, and hitting 1-1/5 year lows. 

White House and Banking Sector

US President Joe Biden asked federal regulators to take measures to protect the US banking sector following the collapse of the Silicon Valley Bank and Signature Bank. 

In a press release, the White House said that Biden's suggestions go in line with his recent efforts to bolster regulations of major banks to avoid a repetition of such situations. 

Demand

Palladium and other industrial metals were bolstered by stronger Chinese demand, as Beijing remains the world's largest consumer of industrial metals. 

Palladium is used extensively in the electronics and automotive industries for its ability to reduce exhaust fumes. 

Otherwise, the dollar index rose 0.2% as of 14:44 GMT to 102.3, with a session-high at 102.5, and a low at 102.05.

Palladium futures due in June rose 0.8% to $1,476.5 an ounce, with a session-high at $1,503.