Palladium falls under dollar's pressure

Palladium prices fell during trading today under pressure from US dollar, which rose against most major currencies and also pushed most of the precious metals lower.

Palladium was negatively affected by China's economic growth figures - which posted 6.2 percent in the second quarter, the lowest quarterly rate since 1992 - taking into account the use of many minerals in different industries in Beijing, as the slowing growth is affecting the Chinese appetite for minerals.

The trade war also casts a shadow over the metal prices, with no positive signs that suggest the US and China are close to reaching a comprehensive trade pact to ward off tariff risks.

The dollar index (against a number of major currencies) rose by 0.4% to 97.3 points at 14:11 GMT, reaching a high of 97.3 points and a low of 96.9 points.

In terms of trade, by 14:12 GMT, palladium futures (September delivery) fell by 0.9% to $1547.8 per ounce, and recorded a high of $1564.8 and a low of $1547.1.