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6/12, 6:05 PM (Source: TeleTrader)
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Palladium outperforms to hit six-week high

Gold rebounded on Wednesday as stocks on Wall Street and in Europe dropped and investors turned to safe havens, namely precious metals and United States Treasuries. Palladium jumped and touched $1,417.56 per ounce for the first time since April 29 in its fifth consecutive session in the green. The material is predominantly used in catalytic converters for gasoline-powered cars and hybrids and movements in price have been largely following the trends in supply, which has lagged in growth for several years.

Other upward pressures for the asset class come from continued market expectations of two to three increases this year in the Federal Reserve's benchmark interest rate range by 0.25 percentage points each. Traders brushed off the latest, muted figures for inflation, from which they usually protect themselves with precious metals.

Palladium was 1.41% in the green at 6:03 pm CET, selling for $1,413 per ounce. Its sister metal platinum was just 0.09% up at $815.74. Gold advanced 0.68% to $1,335.62 and silver climbed 0.43% to $14.81 for one troy ounce.

Breaking the News / IT