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Palladium remains range-bound despite weaker dollar
Palladium prices edged lower on Tuesday, despite the US dollar's drop against its peers, and optimism about the Covid-19 vaccines.
The American company Moderna announced on Monday that initial data from the phase of the clinical trials showed that its coronavirus vaccine is more than 94.5% effective in preventing the disease.
However, the markets have refocused on the record spike of coronavirus infections in the US and European countries.
Additionally, this came amid fears over a smooth transition of power in the US, especially as the results showed that the Democratic candidate Joe Biden had won, while the incumbent president Donald Trump refuses to concede.
The dollar index fell against a basket of major currencies by 0.3% to 92.3 points as of 14:30 GMT, after hitting a high of 93.6 points and a low of 92.2 points.
Palladium December futures fell 0.6% to $2,330.8 an ounce as of 14:31 GMT, with a high of $2,349.2 and a low of $2,310.6.
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