Palladium Rises to Two-month High on S&P News

The Wall Street Journal reported that palladium rose to its highest level in two months after Standard & Poor’s raised its US credit rating up from negative to stable on the back of “the resilient economy, monetary credibility and the U.S. dollar’s status as the world’s key reserve currency.”

As quoted in the market news:

Meanwhile, palladium prices rallied on the S&P move, as some investors saw the upgrade as a sign of greater confidence in the U.S. recovery.

Palladium for September delivery, the most active contract, was recently trading up $8.30, or 1.1%, at $769.50 a troy ounce on the NYMEX.

The contract touched a high of $769.95 an ounce earlier, the highest since April 3.

Click here to read the full report from The Wall Street Journal.