Palladium falls as global demand concerns linger

Palladium prices fell on Friday, as the US dollar edged up against most of its major counterparts, amid lingering concerns over global demand.

US Federal Reserve Chairman Jerome Powell expressed that the US economy would recover faster than expected, but stressed the need for extra fiscal support to ease the coronavirus impact.

Automotive companies are trying to reinvigorate car sales and production levels after months of recession due to the coronavirus pandemic.

Bearing in mind that palladium is heavily used in the manufacturing of car parts and components that reduce pollutant emissions.

The dollar index stabilized against a basket of currencies at 92.9 points as of 15:45 GMT, after hitting a high of 93 and a low of 92.7.

Palladium December futures fell 0.2% to trade at $2,330.2 an ounce as of 14:48 GMT, after hitting today's high at $2,368.1 and a low of $2,324.1.