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Palladium hits one-week high
Palladium prices rose on Monday to a one-week high as commodities recover ground due to dollar's sharp decline last week.
Palladium last traded at $557.77 an ounce, compared to the opening of $556.42, with an intraday high at $559.55, with a low at $553.48.
Palladium is trying to recover past losses, capitalizing on the dollar's sharp tumbles last week, which opened the dollar for commodities to bounce higher as they go in opposite ways usually.
Today, markets are in a lull, helping palladium eke out gains, especially as the dollar trades near a three-week trough against a basket of rivals following downbeat U.S. employment data.
The dollar index, which gauges the U.S. currency's performance versus a basket of major peers, last traded at 94.05, compared to the opening of 94.11, with a session-low at 94.01, and a high at 94.26, after the index hit a three-week trough last Friday at 93.86 following the dismal payrolls report.
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