Palladium continues to decline as dollar rises

Palladium prices fell during today trading, as the dollar rallied against most major currencies, while analysts call the strong metal jumps "the bubble that burst."

The price of palladium had approached the $1,600 barrier for an ounce earlier this year with a rise in value by more than 50%.

This came as a result of strong demand from automakers for the use of palladium in the production of car components that reduce pollution levels.

In conjunction with strong demand, the Russian government announced its intention to ban the export of palladium from May to October.

Separately, by 14:09 GMT, the dollar index (against a number of major currencies) rose by 0.1% to 97.06 points, reaching a high of 97.1 points and a low of 96.8 points.

In today's trading, by 14:06 GMT, palladium futures (June delivery) fell by 0.9% to $1350.5 an ounce, the metal hit a high of $1373 and a low of $1338.3.