Palladium drops over 3%, near pulling back from $1,900 barrier

Palladium futures fell on Friday, despite the US dollar dropping against most currencies, as the industrial metal is heading toward giving up the $1,900 barrier.

This comes despite most European and Asian countries and the US reopening their economies, to prevent more losses due to the coronavirus crisis.

The reopening measures aim at supporting demand and spending, which pave the way for economies to get back on the growth path.

Otherwise, data showed yesterday the US GDP shrank by 5% during the first quarter of this year.

The dollar index fell against a basket of currencies by 0.2% to 98.1 points as of 13:23 GMT, after it hit a high of 98.5 and a low of 97.9.

Palladium June futures fell 3.7% to trade at $1,904 an ounce as of 13:35 GMT, after hitting today's high at $1,990.8 and a low of $1,860.