Palladium slides to five-week low as traders take profits after stellar run
The buoyant dollar and concern about global growth has encouraged profit-taking after the metal’s recent rally
Bengaluru — Palladium prices fell to a more than five-week low on Thursday, a day after the metal posted its steepest decline in over two years, as concerns about the global economy and a buoyant dollar prompted investors to take profits. Spot palladium fell 0.7% to $1,433.88 per ounce at 3.56am GMT. Prices tumbled 6.3% on Wednesday, marking the biggest one-day percentage fall since January 2017. The metal, used extensively in the making of catalytic converters in vehicles, has already shed about $187 from a record peak of $1,620.52 hit last week. “With the concerns around economic growth and a stronger dollar, investors took profits after the strong rally we’ve had in the past few weeks,” ANZ analyst Daniel Hynes said, adding that worries about demand have emerged amid tight supplies. “The tightness in the market and concerns about supply side issues will keep prices elevated. But if we do see continued strength in the US dollar, this sell-off might extend a little bit longer.” The...
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