Palladium slips but holds near $1600

Palladium fell slightly today while still near its all-time high as it closed last week above the $1600 barrier for the first time in its history.

Palladium rose on increased demand on industrial metals amid hopes about the easing of the US-China trade war.

Palladium also drew support from major automakers' remarks on their intentions to shift from diesel and gasoline powered cars, on the sidelines of The Frankfurt Motor Show.

The prices jumped on strong automakers demand on palladium, which is used in the industry to produce low emissions components.

Bearing in mind that this trend towards electric or the less polluting cars is because of governments' standards and efforts to combat the climate change.

As of 14:07 GMT, palladium fell by 0.6% to $1590.3 an ounce, with a high of $1619.8 and a low of $1590.