Palladium rises as dollar continues to drop

Palladium prices rose on Tuesday, as the US dollar continued to fall against most of its peers, which lifts commodities and metals.

Investors turned to risky assets such as industrial metals and stocks, after the release of upbeat data that showed further recovery in the US economy.

US President Joe Biden revealed recently a massive plan to spend nearly $2 trillion on infrastructure.

The International Monetary Fund revealed its projections for the global GDP, which is expected to grow by 6%, thanks to the recovery from the Covid-19 pandemic and the lockdown restrictions.

The dollar index fell against a basket of currencies by 0.1% to 92.5 points as of 13:16 GMT, after it hit a high of 92.7 points and a low of 92.5 points.

Palladium June futures rose 0.5% to $2,667.5 an ounce as of 13:17 GMT, with a high of $2,699.7 and a low of $2,646.