Palladium rises for first time in three sessions, dollar backs off week high

Palladium prices rose nearly one percent in American trade as the dollar index backed off July 20 highs for another session, ahead of US housing data later today, and the Federal Reserve's policy meeting this week. 

As of 01:26 GMT, palladium rose 0.67% to $931.57 an ounce from the opening of $925.40, while the dollar index slipped 0.23% to 94.45 from the opening of 94.67. 

Now markets await US pending home sales data, expected to have risen 0.2% in June, compared to a 0.5% drop in May, after recent data showed GDP growth clocked in a 4.1% rate, the fastest since 2014. 

The Federal Open Market Committee is slated to start off its two-day policy meeting tomorrow Tuesday, with analysts expecting interest rates to stay the same at below 2.0%.