Palladium continues to rally, shrugs off rising dollar

Palladium prices rose on Friday, shrugging off rising US dollar, as the industrial metal was lifted by expectations of the global demand recovery.

The International Monetary Fund raised its projections for the global GDP to grow by 6% in 2021.

Countries around the world are intensifying their efforts to combat the Covid-19 pandemic with largescale vaccination campaigns.

The IMF also estimated the US economy to grow to 6.4% in 2021 based on the Federal Reserve's forecasts.

The dollar index rose against a basket of major currencies 0.3% to 92.3 points as of 13:22 GMT, after hitting a high of 92.4 points and a low of 92.03 points.

Palladium June futures rose 0.45% to $2,639.5 an ounce as of 13:46 GMT, with a high of $2,641 and a low of $2,615.