Palladium rises for eighth straight session

Palladium rose over one percent away from August 16, 2017 lows for the ninth consecutive session, even as the dollar index rebounded from March 27 lows for the second session, ahead of the Beige Book's release and speeches by several Fed governors. 

As of 11:42 GMT, palladium rose 1.45% to $1,028.90 an ounce from the opening of $1,014.20, while the dollar index inched up 0.03% to 89.55 from the opening of 89.52. 

Now markets await the Beige Book, which derives its importance from being release two weeks before the Federal Open Market Committee's meeting, and upon which policymakers depend for their policies to support the economy. 

Federal Reserve Bank of New York President William Dudley is due to speak about the economic outlook and monetary policy at the City University of New York's Lehman College, while Federal Reserve Governor Randal Quarles will speak at the Bretton Woods Committee Annual Meeting, in Washington DC.

Palladium, a precious metal 20 times rarer than gold, is now recovering on short-covering after a slump away from record highs hit in mid-January at $1,140 an ounce, with Russia and South Africa providing 75% of global palladium supplies.