Palladium continues to rise, but fails to cross $3,000 again

Palladium prices continued to rise to new highs on Friday, after jumping above $3,000 earlier, but soon pulled back after the US dollar rose against its peers.

Palladium was lifted recently expectations of a shortage in the global supply in tandem with improved demand, especially from automakers that heavily use the metal in manufacturing environmental-friendly care parts.

In addition to palladium's supply shortage from global miners, nickel and platinum are also in short supply.

The dollar index rose against a basket of major currencies by 0.3% to 90.8 points as of 13:29 GMT, after hitting a high of 90.9 points and a low of 90.5 points.

Palladium June futures rose 0.8% to $2,974 an ounce as of 13:29 GMT, with a today high and the highest price ever at $3,010 and a low of $2,048.