Palladium slips amid global demand concerns

Palladium prices slipped on Wednesday, amid mounting global concerns, despite a retreat in the US dollar against most major currencies.

Amid the rising coronavirus infections all over the world, hopes for a safe and effective vaccine diminished, especially after the British company AstraZeneca reveled that it had stopped trials of its vaccine due to unexplained illness in one of the volunteers.

The slow process of developing a vaccine in some countries sparked speculation of weak demand for commodities and metals.

However, US President Donald Trump recently stated that the US would have an effective and safe Covid-19 vaccine by October.

The dollar index fell against a basket of currencies by 0.2% to 93.2 points as of 14:33 GMT, after hitting a high of 93.6 and a low of 93.2.

Palladium December futures fell 0.5% to $2,294.1 an ounce as of 14:34 GMT, after hitting a high of $2,323.6 and a low of $2,269.9.