Palladium pushes closer to $1,600

Palladium prices rose today, to head toward breaching the $1600 barrier to follow gold, amid strong demand on precious metals recently.

Palladium drew support from the easing of the global concerns about the tensions in Hong Kong in addition to the market absorption of the US recession fears.

Official US data released yesterday showed that the manufacturing sector has contracted in August, below 50 points for the first time since January 2016.

This is contraction in such a vital sector warns that the US economy is heading to a recession, which also impacts demand on industrial metals.

Otherwise, Hong Kong’s leader announced today the withdrawal of the law that has ignited the tensions and protests there, which eventually eased them.

As of 14:28 GMT, palladium rose by 0.9% to $1,550.3 an ounce, with an intraday high of $1,558.3 ​​and and a low of $1,533.