Palladium falls amid uncertainty over economies reopening

Economies.com
2020-06-19 14:16PM UTC

Palladium futures fell on Friday, amid uncertainty over the economic reopening measures impact around the world, in addition to fears about a second wave of the coronavirus.

 

The Chinese government has imposed a lockdown on several districts in Beijing, after a surge in coronavirus cases, which has raised concerns over a second outbreak.

 

Similarly, US officials have warned that the US economy might be hit by a second wave of the deadly virus.

 

The capital city of the US state of Texas, Austin, is considering to offer a $68 million tax exemption to "Tesla" for 10 years, to encourage the electric cars company to establish a factory in the city, which would lift demand from the automotive industry for palladium.

 

The dollar index fell against a basket of currencies by 0.1% to 97.3 points as of 14:02 GMT, after it hit a high of 97.5 and a low of 97.1.

 

Palladium September futures fell 0.21.4% to trade at $1903.6 an ounce as of 14:04 GMT, after hitting today's high at $1924.9 and a low of $1887.1.

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