Palladium prices rose on Friday with a 3% surge, hitting three-week highs and becoming the best performing precious metal today.

It carried on a wave of gains that started on Tuesday, trading 10% above weekly lows as demand slows down on EV cars.

Palladium is vital to internal combustion cars, and hopes of their continuation and popularity underpins its prices. 

Prices pierced the 200-day SMA line and continued to move higher, while currently testing the $950 resistance, and a breach would send prices towards the next resistance at $970. 

Otherwise, the dollar index rose 0.3% as of 16:29 GMT to 105.9, with a session-high at 105.9, and a low at 105.5. 

On trading, palladium September futures rose 1.5% as of 16:31 GMT to $930. 

Oil futures were mostly flat on Friday but headed for the second weekly profit in a row amid signs of strong demand, while US crude inventories dropped. 

Brent August futures rose 23 cents, or 0.3% to $85.94 a barrel, while US crude futures due in August rose 0.4% to $81.60 a barrel. 

Both are heading for an average of 4% weekly profits this week. 

The Energy Information Administration reported a drop of 2.5 million barrels in US crude stocks last week to 457.1 million barrels, while analysts expected a drop of 2.8 million barrels. 

Gasoline stocks fell by 2.3 million barrels to 231.2 million barrels, while distillate stocks fell 1.7 million barrels to 121.6 million barrels. 

Analysts expect prices to pick up in the upcoming weeks as summer demand surges and global inventories drop. 

Otherwise, the Ukrainian army said its drones attacked four Russian refineries, a radar, and other military targets on Friday, triggering concerns of supply disruptions. 

Otherwise, Lebanon’s Hezbollah group pledged a full-scale war with Israel if it attacked the borders, while also threatening EU member Cyprus.

Recent US data showed a drop in unemployment claims, which might prompt the Federal Reserve to maintain prices unchanged, which could impact growth and fuel demand. 

Bitcoin fell on Friday and extended the losses, with the cryptocurrency market stagnating overall with most virtual currencies losing ground. 

Earlier this week, bitcoin tried to rush towards $66,000 but sellers intercepted the move and brought bitcoin back to below $64,000. 

In fact, in the last 24 hours, nearly $150 million of buying positions were liquidated, including 73% long-term positions, as the stock market lost ground as well. 

It’s also reported that exhaustion between bitcoin buyers reached an all time higher with many closing their positions and selling bitcoins. 

Bitcoin exchange funds are also undergoing a heavy cash outflow in the market, amounting to $900 million of losses this week. 

The Federal Reserve maintained interest rates at the June meeting and reduced their expectations of interest rate cuts this year from three to just one as inflation remains stubborn. 

Bitcoin

On trading, Bitcoin fell 3.7% as of 12:47 GMT at Coinmarketcap to $63.68 thousand. 

Gold prices rose on Friday on track for weekly gains amid strong demand on safe havens as Middle East tensions grew more intense, while markets closely follow the Federal Reserve’s monetary policy forecasts.

Analysts noted that the main driver of gold prices right now is the geopolitical situation in the Middle East. 

Markets also look forward to the possibility of a Federal Reserve interest rate cut in September, which would underpin gold prices and boost them above $2300. 

Otherwise, the dollar index rose 0.2% as of 11:14 GMT to 105.7, with a session-high at 105.8, and a low at 105.5. 

On trading, Gold spot prices rose 0.3%, or $6.50 as of 11:15 GMT to $2375.5 an ounce.