Rising five percent yesterday, the future for palladium already looked promising, reaching a session high at $177.50 per ounce. This morning, however, the precious metal rose even higher. While several other metals face a long-lasting freefall, palladium can claim a more optimistic outlook with its recent 10 percent rise. As the dollar weakened and oil gained, palladium met a two-week high today at $193 per ounce.
Like many other metals, a forecasted decrease in demand hurt palladium over the past three months. Now, Reuters reports, “the metal, which has shed around 50 percent of its value in the last three months, is benefiting from a perception the sell-off has been overdone, traders said.”
Earlier this morning, gold and silver prices similarly rallied, rising 3 percent and 6 percent, respectively. Platinum fared well, too; the metal climbed six percent to a session high yesterday, despite hitting five-year lows this Monday.