Palladium extends losses, drops nearly 4%

Palladium prices declined during today's trading, to return to the recent losing streak, despite the rise of the dollar against most major currencies.

The dollar index (against a number of major currencies) fell by 0.2% to 97.3 points at 14:13 GMT, reaching a high of 97.5 points and a low of 97.2 points.

Palladium prices yesterday hit their highest volatility level since 2015, on the back of analysts' estimates that the metal was exposed to a bubble burst after it reached $ 600 an ounce.

Palladium is used in the manufacture of car parts that contribute to reducing harmful emissions to the environment, as demand by automakers rose due the tightening standards by governments seeking to combat climate change.

Today, the markets are turning their attention to the Fed's interest rate decision and the comments of its chairman, Jerome Powell.

In terms of trading, palladium futures (June delivery) fell by 3.5% to $1334.5 an ounce, and recorded a high of $1378.1 and a low of $1325.4.