Palladium skids two percent in American trade

Palladium prices slumped over two percent in American trade as the dollar index rebounded from a seven-month low, following Australian growth data that showed a slowdown in the expansion rate in the first quarter, and amid a lack of data from the US, the world's largest economy. 

As of 02:38 GMT, palladium tumbled 2.03% to $838.47 an ounce from the opening of $855.80, while the dollar index rose 0.20% to 96.83 from the opening of 96.59. 

Palladium is sliding for the first time in ten sessions after marking the highest since September, 2014, after Standard Chartered recently projected a supply deficit of 563 thousand ounces in the palladium market this year, compared to a deficit of 459 thousand in 2016. 

The bank also expected more gains for palladium prices in the next 12 months to 2014 highs.. while earlier data showed Australia's GDP growing just 0.3% in the first quarter, down sharply from 1.1% in the fourth quarter of last year, while besting expectations of 0.2%, while on a yearly basis, growth slowed down to 1.7% from 2.4%, also slightly besting expectations of 1.6%.