Palladium gains ground on track for largest weekly profit in year

Economies.com
2023-11-17 15:58PM UTC

Palladium prices rose on Friday as the dollar declined against a basket of major rivals on track for the best weekly performance in a year.

 

Investors are betting the Federal Reserve has reached the end of the policy tightening cycle, in turn pressuring dollar and US treasury yields. 

 

Now traders expect the Fed to cut interest rates by next May as inflation continues to slow down. 

 

Recent data indicated US consumer prices stabilized in October m/m, while core prices rose just 0.2%, while producer prices slowed down to 3-1/5 year nadir. 

 

A potential cut in interest rates will underpin non-yielding assets such as gold and industrial metals. 

Advertistment

 

Dollar on the other hand is heading for a weekly loss, making palladium and other metals cheaper to holders of other currencies. 

 

The dollar index fell 0.3% as of 15:45 GMT to 104.01, with a session-high at 104.5, and a low at 103.9.

 

Gold spot futures rose 1.2% to $1,062.5 an ounce as of 15:46 GMT. 

 

Palladium is heavily used in the automotive industry, to reduce exhaust fumes. 

Commodities News

Gold News

Commodities

Gold gives up record high as dollar strengthens
2023-12-04 17:26PM UTC
Gold prices fell on Monday as the dollar index rose against most major rivals, moving away from ...
Copper News

Commodities

Copper loses over 2% as dollar edges up, while Chinese concerns resurface
2023-12-04 16:51PM UTC
Copper prices fell on Monday as the dollar rose against a basket of major rivals, amid growing ...
Gold News

Commodities

Gold surpasses $2100, scales record high
2023-12-04 09:44AM UTC
Gold prices rose in European trade on Monday, extending gains for a second session and passing ...

Commodities Technical Analysis

Oil Analysis

Commodities

Evening update for Crude oil price 04-12-2023
2023-12-04 15:02PM UTC
Crude oil price shows more bearish bias to move away from 73.73 level, to support the expected ...
Silver Analysis

Commodities

Evening update for silver price 04-12-2023
2023-12-04 15:02PM UTC
Silver price shows additional negative trades to approach our waited target at 24.60, and it is ...
Brent oil Analysis

Commodities

Midday update for Brent oil 04-12-2023
2023-12-04 10:12AM UTC
Brent oil price shows more bearish bias to approach the second waited target at 77.44, reminding ...