Barclays, in a daily commodity research report, said palladium exchange-traded product outflows have hit some 21, 000 ounces so far in December following outflows of 84, 800 ounces in November.

FORBES: Palladium Hits 11-Week High On Renewed Concerns About Russian Supplies

However, crude backed off its daily high as many other commodity markets also saw selling pressure Monday.

FORBES: Comex Gold Ends Weaker On Firmer U.S. Dollar Index, Lower U.S. Stocks

Prices did hit a fresh two-week high in the early going, but then backed off the daily high when the raw commodity sector and stock market came under selling pressure just after the U.S. markets opened.

FORBES: P.M. Kitco Metals Roundup: Gold Ends Near Steady but Down from Daily High amid Bearish Outside Markets

The gold market has recently been a closer follower of the general daily price movements in the raw commodity sector.

FORBES: Comex Gold Higher Amid General Commodity Market Strength

But as of late the gold and silver markets have opted to trade on a daily basis more like their raw commodity counterparts and be more of a risk asset.

FORBES: P.M. Kitco Metals Roundup: Comex Gold Ends Slightly Lower, But Up From Daily Low, As Bargain Hunters Step In

The launch of CME Clearing Europe which will clear more than 150 OTC energy and commodity products will support the growth of average daily volume of energy products.

FORBES: Pump Up The Volume And CME Rocks On To $323

U.S. stock indexes moved up from their daily lows by afternoon trading Tuesday, which boosted the commodity markets and in turn gave a modest upside push to gold and silver.

FORBES: Comex Gold Ends Near Steady As Bargain Hunters Step In to Buy Weakness