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7/19/2018, 5:26 PM (Source: TeleTrader)
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Palladium falls to one-year low on dollar's surge

The dollar kept its upward pace on Thursday, pressing further on market valuations of precious metals, as it makes them more expensive for holders of other currencies, usually hampering demand. The greenback has been gaining across the board on upbeat economic data in the United States and determination by Federal Reserve Chair Jerome Powell to maintain the regime of a gradual increase in interest rates.

Palladium broke below significant support levels and became the worst performer in the class today. The material used in catalytic converters for gasoline engines slumped 5.05% to $863.51 per ounce, immediately after touching $861.79, the lowest since July 26 of last year.

Gold was down 0.82% at $1,217.34 per ounce. Silver dropped 1.72% to $15.3 and platinum sunk 1.95% to $802.71 for one troy ounce. The three earlier dipped to the lowest points in one year, 27 months and nine and a half years, respectively.

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