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Palladium drops nearly 5%, falls below $2,000 mark

Economies.com
2020-05-22 14:00PM UTC

Palladium futures fell on Friday, to give some the gains scored earlier during the week, falling below the $2,000 psychological threshold once again, as the US dollar rose against most currencies, in addition to fears of renewed tensions between the US and China.

 

The US Senate yesterday passed a bill that would prevent Chinese companies from listing their shares for public offering on the US stock exchanges.

 

This came after the Trump administration accused China of mishandling the coronavirus outbreak and blaming it for the global pandemic and the death of hundreds of thousands of victims.

 

The dollar index rose against a basket of currencies by 0.5% to 99.8 points as of 13:47 GMT, after it hit a high of 99.8 and a low of 99.3.

 

Palladium June futures fell 4.7% to trade at $1,970.5 an ounce as of 13:48 GMT, after hitting today's high at $2,077.8 and a low of $1,944.8.

Silver backs off 3-month high on renewed concerns over Chinese economy

Economies.com
2020-05-22 11:06AM UTC

Silver prices fell on Friday, to deepen losses for the second day and pulled back from a 3-month high, on profit-taking and concerns over the Chinese economy after China abandoned setting a target for GDP growth during 2020.

 

Silver prices fell 2.3% to $16.71, after losing 2.6% yesterday, ending the longest daily gains streak in two months, on profit taking from a 3-month high of $17.63 an ounce.

 

Alongside profit taking, precious metals fell after unexpected strong manufacturing sector data in Europe and the US in May.

 

The Chinese authorities decided on Friday to not set a specific target for economic growth this year, which renewed concerns about the Covid-19 pandemic impact and a drop in demand for metals and commodities.

Dollar continues recovery amid renewed US-China tensions

Economies.com
2020-05-22 11:26AM UTC

The US dollar rose on Friday, to continue its recovery for the second straight day from a two-week low, on investors' risk-aversion and demand for the US currency as the best alternative investments, amid the escalation of the US-China tensions over Hong Kong.

 

The dollar index rose 0.45% to 99.87 points, after opening at 99.82, and hit an intraday low of 99.39.

 

The greenback gained 0.3% yesterday, its second daily, first gain in four days, within recovery attempts from the 2-week low of 99.00 points.

 

A Chinese official said that the Chinese government plans for a new national security law in Hong Kong, which led US President Donald Trump to say that the US would respond "very strongly".

 

These developments in the US-China relations drove investors to focus on safe haven assets, led by the US dollar, which has been recently receiving safe-haven demand after the closure of the global economy due to the coronavirus pandemic.

Oil continues to drop after China abandons 2020 economic growth target

Economies.com
2020-05-22 11:43AM UTC

Oil prices continued to fall on Friday, as the US crude lost more than 9% and Brent crude fell 6%, pulling back form 10-week highs for the first time in three days, on profit taking and renewed worries over the coronavirus impact, after China China abandoned setting a target for GDP growth, and escalating geopolitical tensions between the US and China.

 

The US crude (WTI) fell 9.2% to $30.73 a barrel, after opening at $33.85 today, with a high of $33.98, and Brent fell 6.3% to $33.86, after opening at $36.15, with a high of $36.22.

 

Yesterday, the US crude gained 1.1%, and hit a 10-week high of $34.64 a barrel, and Brent futures rose 0.5%, and hit the highest since March 11 of $36.96.

 

These gains came as fears over the US oversupply receded after data showed a drop in the US crude inventories fell the most in 2020 and the production levels fell for the seventh straight week.

 

The Chinese authorities decided on Friday to not set a specific target for economic growth this year, which renewed concerns about the Covid-19 pandemic impact and a drop in fuel demand.

 

Oil prices are also weighed down by the escalation of the US-China tensions, which threatens a deterioration of the trade relations between the two sides after signing of the first phase of their trade deal.

 

A Chinese official said that the Chinese government plans for a new national security law in Hong Kong, which led US President Donald Trump to say that the US would respond "very strongly".

 

Baker Hughes will also reveal later today its count for the US rigs working in shale oilfields, as it fell by 34 rigs to 258 in the previous week, which is the lowest since July 2009.

Frequently asked questions

What is the price of Palladium today?

The price of Palladium is $1283.20 (2025-07-11 22:24PM UTC)