Palladium is down by 5.11%

Palladium climbed back above $1,800 per ounce as investors bought the metal following a recent slump that pushed prices to a more-than-one-month low of $1,573 on Friday. The rebound followed profit-taking after last week’s rally, which had lifted prices to a three-year high of $2,200, and was intensified by US President Donald Trump’s nomination of Kevin Warsh as the next Fed chair, a pick widely seen as more hawkish than other contenders. On the supply side, near-term concerns were heightened by a pending review of the Canada–United States–Mexico trade deal and ongoing 50% tariff threats, given Canada’s role as a key global supplier of palladium.

Palladium decreased 5.11% to 1616 USD/t.oz

Palladium prices fell to $1,850 per ounce from the three-year high of $2,200 on January 26th, tracking the aggressive decline for platinum group metals as a rebound in the dollar drove markets to reconsider the speculative positions that triggered an unprecedented surge in precious metals this month. The dollar rebounded as bullion and platinum metals gave back their gains amid increasing concerns that their rallies are not backed by economic fundamentals. The support for the currency was magnified by the nomination of Kevin Warsh as the next Federal Reserve Chairman due to hawkish stances during his Governorship in the global financial crisis. On the supply side, short-term concerns were heightened by a pending review of the Canada–United States–Mexico trade deal and ongoing 50% tariff threats, given Canada’s role as a key global supplier of palladium.