Palladium drops on rising dollar

Economies.com
2020-09-24 14:05PM UTC

Palladium prices fell on Thursday, as the US dollar rose against most of its major counterparts, which weighs down on industrial and precious metals.

 

Analysts fear that global demand for industrial minerals such as palladium and copper will take further damage from the possibility of a second coronavirus wave hitting several countries that led to the return of the lockdown restrictions.

 

The number of coronavirus infections rose to more than 32 million cases globally, with a death toll of around 983,000 victims.

 

The dollar index rose against a basket of currencies by 0.1% to 94.5 points as of 14:53 GMT, after it hit a high of 94.5 and a low of 94.2.

 

Palladium December futures fell 2.2% to $2,208.5 per ounce as of 14:54 GMT, after hitting a session-high of $2,250 and a low of $2,193.1.

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