Palladium rises on positive demand outlook

Palladium prices rose on Tuesday, despite the US dollar's rise against its peers, thanks to positive global demand outlook.

This comes amid cautious optimism about containing the Covid-19 pandemic, after the administrating more vaccines.

Containing the pandemic would support the gradual global economic recovery, which is expected by global banks.

The US Federal Reserve Chairman Jerome Powell stressed that the US economy's recovery recover was moderated during the past few months, but he projected it will return to growth in tandem with vaccination progress.

The dollar index rose against a basket of major currencies by 0.1% to 91.1 points as of 14:19 GMT, after hitting a high of 91.1 points and a low of 90.8 points.

Palladium March futures rose 0.2% to $2,247 an ounce as of 14:32 GMT, with a high of $2,272.5 and a low of $2,215.