Palladium rises near $1,600 mark

Palladium prices rose today, on forecasts of higher demand on electric vehicles, with the official launch of the Frankfurt International Motor Show.

The exhibition launched this week, and witnessed a massive turnout from the media and all those interested in technology and cars

Palladium is used in manufacturing components that reduce exhaust emissions, which have led car manufacturers to increase demand.

By 14:06 GMT, dollar rose by 0.4% to 98.7 points, with a high of 98.7 and a low of 97.7.

The markets are anticipating the results of the latest round of the US-China trade talks early next month, which may result in signs about a near trade deal that will support global markets, including metals.

By 14:08 GMT, palladium prices jumped by 1.8% to $1582.2 an ounce, with a high of $1,584.6 and a low of $1,549.6.