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Palladium tumbles as commodities falter
Palladium prices tumbled today as demand on commodities slid in the markets due to worries over global growth, and as the referendum on Britain's future in the European Union nears.
Palladium last traded at $536.50 an ounce, down from the opening price of $548.25, with an intraday high at $549.58, and a low at $535.82.
Palladium's losses today came after Chinese data showed a drop in manufacturing PMI last month, weighing negatively on commodity and metal prices.
The dollar on the other hand steadies against a basket of rivals after hitting its lowest this week, but that didn't help struggling palladium prices due to constant worries in the markets.
The dollar index, which tracks the greenback versus a basket of six major rivals, last traded at 95.41, compared to the opening of 95.39, with a session-high at 95.53, and the lowest level this week at 95.15, after the index hit an eight-week peak this week at 95.96 before returning lower and wavering.
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