Palladium declines by over 4% as dollar strengthens
2023-08-01 16:04PM UTC

Palladium prices fell on Tuesday as dollar rose against most major rivals while markets process latest policy decisions by global central banks.


US inflation clocked in the slowest read in two years, raising hopes the Fed might be ending the current cycle of policy tightening soon, which in turn pressured the dollar.


Chinese authorities also vowed recently to boost the struggling real estate market, in turn boosting minerals demand.


Recent weak industrial data in China weighed on sentiment considerably with manufacturing activities slowing down for the fourth straight month in China, while services and construction approach a contraction.



As for the US, hopes are increasing for controlling inflation without causing a recession in the world's largest economy as recent data showed a resilient labor market and strong corporate profits.


Otherwise, the dollar index rose 0.5% as of 16:51 GMT to 102.3, with a session-high at 102.3, and a low at 101.8.


Palladium prices fell 4.1% as of 16:52 GMT to $1,225 an ounce.

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