Palladium declines over 2% to below $1,400
2023-03-24 15:23PM UTC

Palladium prices declined on Friday as the dollar muscled up against most major rivals while markets assess the Fed's policies. 




The Federal Reserve raised interest rates by 25 basis points to 5%, the highest since mid 2007.


The Fed removed the phrasing about the need for continuous hikes in interest rates, preferring to use the phrase of "some more tightening" could be appropriate.


The Fed also maintained neutral interest rates outlook at 5.25% for 2023, paving the way for one more rate hike this year.


Fed Chair Jerome Powell said the Fed will do whats "necessary" to bring inflation back to 2%, with another rate hike if needed.


Powell said US growth was impacted by higher interest rates, while the labor sector remains strong, and unemployment low.



He asserted the Fed is working with the US Treasury Department to scan the banking system and guarantee its strength and protect deposits.


And finally he said that it's unlikely for the Fed to cut interest rates this year, and a rate increase is possible.


The Dollar


The dollar index rose 0.6% as of 15:10 GMT to 103.2, with a session-high at 103.3, and a low at 102.5. 


Dollar's strength continues to pressure commodities and industrial metals, including palladium, used widely in the car and electronics industries. 


On trading, palladium June futures fell 2.5% to $1,397.5 an ounce as of 15:11 GMT.

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