Palladium falls, but eyes record highs in 2021

Palladium prices fell on Thursday, as the US dollar rose against most of its peers, but analysts projected that palladium rise to record levels this year.

This came amid expectations that the global economy will recover after eliminating the Covid-19 pandemic thanks to the launch of vaccination campaign in several countries.

Johns Hopkins University reported that the number of Covid-19 infections rose to more than 92 million cases worldwide, with a death toll of nearly 2 million victims.

Several countries, such as the UK, re-imposed full lockdown restrictions due to the spread of infections and the more infectious strains of the virus.

The dollar index fell against a basket of major currencies by 0.2% to 90.4 points as of 14:32 GMT, after hitting a high of 90.5 points and a low of 90.2 points.

Palladium March futures fell 0.2% to $2,392.5 an ounce as of 14:33 GMT, with a high of $2,402.5 and a low of $2,379.