Palladium holds, but continues to outperform precious metals

Palladium prices held on Tuesday, as the US dollar stabilized against most of its major counterparts, amid lingering concerns over the coronavirus crisis.

Since the beginning of the coronavirus crisis this year, palladium has been successful in gathering momentum despite the weak demand from the automotive industry, in which palladium is heavily used to manufacture car parts that reduce pollutant emissions.

Palladium has jumped around 33% since April, despite the growing Australian output of the metal, and the recently announced explorations.

Concerns over the coronavirus crisis persist, especially as the number of infections and deaths started to rise again.

The dollar index held against a basket of currencies at 93.5 points as of 14:10 GMT, after it hit a high of 93.8 and a low of 93.4.

Palladium December futures held at $2,295 an ounce as of 14:22 GMT, after hitting today's high at $2,316 and a low of $2,265.